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Algonquin Lowers Property Tax Levy
The Algonquin Village Board unanimously approved lowering the current property tax levy for the 2016 tax year at their meeting on December 6. The 2016 property tax levy, which is payable by property owners in 2017, was lowered by 2.3 percent and is below 2008 levels.
“A top priority of our Village Board is to reduce our local tax burden to the community” said Village President John Schmitt. “We’ve been able to take some creative approaches operationally with our performance management program and partnering with our neighboring communities to provide more efficient municipal services, which lowers our operating costs.”
The Village of Algonquin’s property tax rate ranks among the lowest for a municipality in the regional area. The Village receives approximately $0.06 of every $1.00 paid in property taxes, or six percent of a resident’s overall tax bill, with the remainder being paid to other taxing bodies such as schools, counties, and other special districts.
“While we are managing our operating costs well, we continue to make sound investments in infrastructure and transportation that will help fuel the growth of our local economy for years to come” said Schmitt.
In addition to a lower levy, new residential construction growth in Algonquin is expected to further reduce the tax rate for residents.
For more information regarding Village of Algonquin financial information, please visit www.algonquin.org/finance.