Tax hike likely to be trimmed for Libertyville neighborhood
Residents in one Libertyville subdivision likely will see a tax hike next year, but not as much as first considered.
Village officials Tuesday informally agreed to a compromise that would increase the special service area tax levy for homes in the Timber Creek neighborhood by 20 percent, rather than the 33 percent initially proposed.
A 20 percent hike would raise the 2017 levy by $4,228 to $25,368 on the 68 homeowners, which pay a share of that based on the value of their properties. The special tax funds the maintenance and other related expenses of three neighborhood ponds used to collect stormwater.
Village officials say the increase is needed to build up a reserve to pay for future work involving the ponds.
Timber Creek did not have any flooding issues like those affecting other parts of town over the summer that have led to a villagewide stormwater management study. But a separate study of the ponds in Timber Creek and the Concord at Interlaken subdivision - a second village neighborhood with a special service for stormwater facilities - also will be done.
"We don't know there is work to do but there may be. This was an incremental step to ensure there was funding," if needed, Village Administrator Chris Clark said.
The $10,000 cost of the pond studies will be split by the Timber Creek and Concord neighborhoods.
Timber Creek residents questioned to the proposed 33 percent hike, contending they have enough in reserves to cover expenses.
They also looked into whether the special service area could be dissolved and the ponds transferred to homeowners. But neighborhood representative Brad Jones said it likely would be impractical given the requirements and the relatively small amount of tax at stake.
Jones said there was good discussion with the village and he believes other Timber Creek residents will be comfortable with the 20 percent increase.
No one from Concord spoke on the matter during previous village board discussions, so that levy is expected to increase the full 33 percent. Each of the 90 lots there would pay $341 in extra taxes, up from $256.
The village board on Tuesday will take an official vote on both levies. The board on Nov. 28, approved the overall 2017 village property tax levy which will add about $16 to the tax bill for a home valued at $500,000.