Barrington Hills property owners expected to pay less to village next year
Barrington Hills property owners are expected to pay less in taxes to the village next year, continuing a trend that began in 2013.
Under the tentative tax levy, Barrington Hills intends to collect about $5 million from property owners in the mostly residential community in 2020. The village projects needing about $50,000 less in property taxes for next year.
"We've squeezed a little more out of the orange," Village President Martin McLaughlin said Friday.
Village board members are expected to vote on the proposed levy on Dec. 19.
Barrington Hills' property tax levies have declined annually since 2013. Officials said the yearly levy has been trimmed by a combined 24% over that time.
About $2.1 million in property tax cash would be earmarked for Barrington Hills police in 2020. Another $838,000 is projected for the police pension fund.
Barrington Hills' street and bridge fund would receive a roughly $1.1 million cut of property taxes. There also would be $590,631 for the general fund.
McLaughlin said he and others on the village board have been trying to run their town like a business and be financially accountable to residents. He said it's helped there are village employees willing to do a variety of jobs, which keeps down expenses.
"They've really bought into the concept of doing more with less," he said.
Other towns not hiking property tax levies next year include Arlington Heights and Elgin. However, Mount Prospect and Buffalo Grove are among those boosting the levies in 2020.
Meanwhile, the Barrington Hills village board this week approved a resolution creating a new policy for cash reserves. Rather than the village's current minimum of $1 million in reserves, the new policy dictates that the fund balance cover at least four months of expenses for the general and police protection funds in an effort to use only what's needed.
Trustee Bryan Croll suggested the four-month minimum instead of an originally proposed six months. Towns typically have cash reserves in case finances are negatively affected by an emergency or loss of a major revenue source.