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Budget Update: Property Tax Discussion
Post Date:08/22/2019 1:11 PM
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The Village Board and staff have held several workshops, forums, and meetings to discuss our difficult financial outlook. In the next three years, funds to pay for infrastructure like roads, storm water and bike paths and state mandated pension payments would be depleted without a new revenue source.
Due to declines in sales taxes and other revenues, the Village has frozen expenditures, deferred purchases, and cut budget items that were previously approved. Over the past two years, these items totaled over $1.25 Million. The Village has reviewed different revenue options however; most are not able to generate a stable and reliable source of revenue to maintain current Village services and facilities. Revenue options discussed were an increase to the Home Rule Sales and Gas Taxes and re-implementation of a Property Tax. Unlike most communities in Illinois, Carol Stream Municipal Government has maintained balanced budgets without general obligation debt or for the past 40-years, a property tax. Carol Stream’s comparable communities receive 25% of their revenue from property taxes because it provides a consistent and reliable budget revenue.
The Village hosted two open forums to discuss a possible property tax on September 30th, one at 9 AM and a second at 6 PM, and a third forum on Sunday, October 6th at 9 AM. Thank you to everyone who participated in the public forums we very much appreciate your input.
At the October 21st Village Board Meeting, a resolution was presented to levy a municipal property tax. For the first time in nearly 40 years, the Village requested a tax levy totaling $3,800,000. The Library requested a tax levy totaling $3,674,461 for 2019. The estimated impact to the owner of a median valued home with a market value of $231,400 is $232 (Village) and $224 (Library). This reflects a $232 increase for the Village and a $0 increase for the Library. A public hearing and final adoption of the tax levy are scheduled for the Village Board meeting of November 18, 2019. Learn More.