Village of Lakewood President Paul Serwatka issued a press release this evening touting his 10 percent tax cut. The village board unanimously adopted a 10 percent reduction in taxes. Five percent was a tax cut and five percent was abated for a total of 10 percent reduction on the village’s levy.
LAKEWOOD – On Tuesday, December 18 2017, the Lakewood Village Board came together to lead by example and unanimously voted to approve a proposed 10% CUT in Lakewood’s Property Tax Levy for 2018.
This 10% property tax cut comes in follow-up to the successful passage of Lakewood’s historical Property Tax Freeze Advisory Referendum which was spearheaded by Serwatka and Lakewood trustee Phil Stephan, at the ballot box of the November 2016 Presidential Election.
“I believe it is critical that residents even outside of Lakewood understand that this successful Property Tax Reduction effort is about a much bigger picture than just the village of Lakewood!”
“Illinois is circling the drain and McHenry County is leading, almost the entire country, in exorbitant property taxes. And Lakewood nears the top of McHenry County!
“I’m a huge believer in the notion that “If it is to be – It must start with me!” That is what this Property Tax Reduction is all about!”
“This is about Lakewood leading by example!”
More than 100 residents attended the discussion of this proposed property tax cut.
A number of residents spoke publicly in support of the proposed tax cut and a few spoke in opposition to the cut, citing concerns of future funding of village infrastructure, particularly of east side storm water & flood mitigation systems.
Serwatka pointed out that resident comments mirrored results of an electronic survey of Lakewood residents regarding this proposed 10% tax reduction. As of December 18th, 351 residents had participated in the electronic survey posted on www.LakewoodTaxFighter.com, with 329 residents demonstrating support for the tax cut, while 22 expressed opposition.
“I want to make abundantly clear that, as I have state many, many times, I entirely share in your concerns!” Serwatka told the crowd.
“With that said, it is important to understand that we have distinct and separate Enterprise Funds in place that serve to provide for these types of capital expenditures. These include our Impact Fee Fund, our Capital Projects Fund and our Motor Fuel Tax Fund. Capital Expenditure projects such as storm water and sewer systems are NOT the intended purpose of revenues collected for our General Fund via property taxes.”
Illinois Statute specifically requires that, each year, all taxing bodies request specific property tax amounts based on the premise that local governments should only ask for what is needed to finance their operations for that year.
Lakewood’s new Chief Administrative Officer determined that a levy amount of $1,586,509 is sufficient to cover expenditures for the next fiscal year.
This levy amount represents a 10% decrease in the prior year levy amount of $1,762,788
Serwatka noted that this entire 10% tax reduction had been made possible through; the restructuring of village administration, eliminating redundancies and creating efficiencies. He emphasized that NO services would be cut or reduced.
“I thank each of the trustees for rolling up their sleeves, digging their noses through all the financials for the last week, and for being bold enough to lead by example.” Serwatka stated.
“I want to particularly thank trustee Phil Stephan, and our new “Rock Star” Chief Administrative Officer, Jeannine Smith for the many, many extra hours they put in to make this work. They didn’t have to do it, but they are true believers!”
Learn more about Paul’s Lakewood Tax-Fighter & Better Government Project efforts at: www.LakewoodTaxFighter.com