A press release from the Village of Algonquin:
ALGONQUIN, IL – The Algonquin Village Board unanimously approved freezing the current property tax levy for the 2019 tax year at their meeting on November 19.
The $5.6 million property tax levy, which is payable by property owners in 2020, is below 2008 levels.
“Operating within our means has always been a top priority for our Village Board” said Village President John Schmitt.
“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.”
The Village of Algonquin’s property tax rate, which is projected to decrease five percent from last year due to positive growth in the tax base, 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.
“We’ve been able to responsibly ease the Village’s portion of property tax bills while still appropriately funding our long-term obligations and making wise investments in our infrastructure” said Schmitt.
The approval of the flat property tax levy for 2019 comes on top of $834,000 of property tax abatements for outstanding bond issues approved by the Village Board in earlier in November.
For more information regarding Village of Algonquin financial information, please visit www.algonquin.org/finance.