Algonquin property tax rate won't rise
For a fifth straight year, the Village of Algonquin won't be raising its share of property taxes levied on residents.
While the final levy for 2020 is scheduled to be announced at the Dec. 15 village board meeting, Assistant Village Manager and Treasurer Michael Kumbera gave the board a preview of the recommended levy that represents 6.2% of a resident's entire property tax bill.
Kumbera said the owner of a $200,000 home can expect to pay about $384 to the village based on its projected levy.
"Based on what we see our growth to be, a lot of that due to new construction and new development that we're capturing in the community, we projected our rate to be flat year to year," Kumbera said.
"We have more taxable property from the prior year," he said. "We have two new home developments that were very active and we have the Deli 4 You grocery store that was built in the last year. Your average homeowner shouldn't see an increase from the village's portion of the levy."
Kumbera said the recommended village tax levy for 2020 is about $5.8 million, which is an increase of about $212,000 from 2019. Because the amount is 104 percent of last year's levy, no public hearing is required.
The increase, however, will be mitigated by standard abatement procedures and by the growth in equalized assessed valuation from property value appreciation and new construction. Kumbera said the $212,000 is slated to be put toward the Algonquin Police Pension Fund.
Earlier this month Algonquin-based Community Unit District 300 announced a preliminary property tax levy increase of 7.92 percent from 2019. According to the Village of Algonquin, the District 300 levy represents 59 percent of a resident's property tax bill.
Kumbera said the village last raised its property tax levy in 2015. The levy was subsequently lowered and then held flat for the last four years, he said.
"Our development team's actively pushing to increase our tax base," Kumbera said. "We're keeping up with our long-term pension obligations and we don't anticipate any major cuts to any services. For our portion of the tax bill, we feel it's a very good value for services."