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Montgomery Board OKs $2.1M property tax levy : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, Illinois
Montgomery Board OKs $2.1M property tax levy
by John Etheredge

12/12/2013

Montgomery Village Board members voted unanimously Monday evening to approve a $2,126,959 property tax levy for the coming year.

The approved levy is three percent higher than the $2,059,562 levy adopted by the board for the current calendar year last December.

Village President Matt Brolley noted that though the levy is $48,543 higher than last year, those revenues will come from properties added to the village's tax roll over the past year.

As a result, he said, the levy on existing properties will be the same next year as it was this year.

"We froze the tax for (existing) properties at this year's level," Brolley said.

In order to receive property tax revenues next year, the board is required to adopt the tax levy and then file it with officials in Kane and Kendall counties by Dec. 31.

Next spring, officials with the two counties will calculate individual tax bills by multiplying the total tax rate of the local governmental agencies by the equalized assessed valuation (EAV) of each property. The product of that calculation-minus any exemptions-is how much each property owner will pay in property taxes.

Historically, the village has accounted for a very small portion of the amount owed on each tax bill.

Under the village's current tax rate of just over 53 cents per every $100 of EAV, the owner of a home valued at $180,000 that did not claim any exemptions paid $318.30 in property taxes to the village this year.

Village Administrator Jeff Zoephel has estimated that new growth in the village has served to increase the village's total EAV by $11 million.

Initially, village staff had proposed a tax levy that would have totaled $2,175,502. That levy would have allowed the village to maintain its current tax rate for the new year, but might have also cost homeowners on the village tax rolls prior to this year a few extra dollars on the village portion of their tax bills.

But the board instructed village staff Nov. 11 to limit the levy increase to only revenues from properties added to the tax roll over the past year to allow the village to maintain its tax rate at 53 cents.

Almost half of the village's tax levy ($955,555) will be placed in the corporate account. The balance of the levy will then be placed in the following accounts: Illinois Municipal Retirement Fund, $225,181; Police Pension, $455,783; Liability Insurance, $265,259; and Social Security, $225,181.





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