Tax bills a jolt for many : Editorials : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, Illinois
Tax bills a jolt for many
No doubt many area taxpayers received an unwelcome jolt when they opened their annual property tax bills early last week. Many taxpayers reports seeing increases of a few to several hundred dollars on their bills.
The increases will translate into higher monthly mortgage payments for many taxpayers who have seen their own wages frozen or stagnate since the 2008 recession.
A good portion of the increase is attributable to a 82 cent increase in the Oswego School District's tax rate. The school district annually accounts for about 70 percent of the amount owed on a typical tax bill. Much of the school district's rate hike was necessary to provide funding to allow the district to make payments on construction bonds.
There was, however, some good financial news for hard-hit local taxpayers this past week. Residents living within incorporated Oswego and Montgomery should be expect to save a few hundred dollars annually on their electric bills beginning late this summer.
Passage of electric aggregation referendums in Oswego and Montgomery in April empowered the two villages to seek competitive bids on behalf of their residents and small businesses for electricity. As we reported, a typical Oswego electric customers should expect to save about $22 a month on the electric power portion of their ComEd bills as a result of the village awarding a contract to a Energy Solutions, Inc. The estimate $22 a month savings should mean an annual savings of about $264.
Oswego electric customers should look for the savings on their electric bills in July and August.
Meanwhile in Montgomery, the village is now poised to go out to bid for electric power for its residential customers and small businesses. Village officials expect to realize monthly savings similar to the savings achieved by Oswego.
By saving some on their electric bills each month, hopefully Oswego and Montgomery residents can better absorb the extra amount they will have to set aside each month to make their mortgage payments.