Mundelein trustees vote to slightly decrease village’s property tax levy

At the Dec. 11 Mundelein Board Meeting, the trustees voted to move forward with a tax levy for the upcoming fiscal year that will slightly decrease Mundelein’s total tax levy rate from 1.45% to 1.44% per $100 of assessed value; however taxpayers will see an increase in their property tax bills due to a 7.8% increase in the Equalized Assessed Value of real estate as determined by the Lake County Tax Assessor.

The total amount of the village’s portion of the property tax bill is 14% or $16,042,170; other governmental bodies including: schools, county, park district, library, and townships receive the other 86% of residents’ property tax bill.

The municipal property tax is authorized by state statute. The property tax levy is the revenue a community can raise through real estate and personal property taxes and these funds comprise the largest source of revenue for most cities and towns.

The village portion of the tax bill is broken in to two lines so the taxpayer can see what goes toward operations and what goes toward the village’s obligation to police and fire pension. An independent actuary determines the annual funding needed to properly fund Mundelein’s fire and police pension trust funds to achieve 90% funding by 2040, as required by state law. The village’s current funding levels are 59% for fire and 64% for police.

While the village’s fiscal year runs May 1 to April 30, the amount of the property tax levy for the upcoming fiscal year must be submitted to the county treasurer by the end of December of the current fiscal year.