Algonquin Tax Levy Recommended to Increase 4.89%

From the Village of Algonquin’s Michael Kumbera, Deputy Village Manager/Chief Financial Officer:

Property Tax Levy

For the 2022 tax levy year, the Village’s portion of resident’s tax bill was approximately 6.4 percent (with some minor variations depending on exact location of household). In FY 23/24, property taxes comprise 27 percent of the General Fund revenue, which includes the Road and Bridge tax levy, which is levied by the township level of government…

The recommendation for the 2023 Tax Levy is $6,430,000. This is an increase of $300,000 from the 2022 tax levy…the proposed levy is 104.89 percent of last year’s extensions…

Based on preliminary data obtained from Kane and McHenry County, equalized assessed valuation in the Village is expected to increase for the ninth consecutive year. The estimate of EAV for 2023 is $1,240,000,000 which is 10.3% more than last year which illustrates appreciation of real estate values and new construction…

The estimated tax rate for 2023 would be 0.519 per $100 of EAV…which is less than 2022 [which is about the 1990 tax rate].

= = = = =

The CFO’s report contains historical information going back to 1988, which I found fascinating:

Look at the 2010-14 Assessed Valuation decreases during the Great Recession.


Algonquin Tax Levy Recommended to Increase 4.89% — 3 Comments

  1. If you’d just put me in charge, I’d shut this nightmare down and put all in reeducation training camps, where they could learn productive skills, in either the Food and Beverage or Housekeeping Industries, saving you 100% of your levy.

  2. I want the rates that banks get for non saleable properties they get to pay until the new buyer takes over and then they have to pay full rates… whats good for the goose is good for ALL! these rates are out of control..

Leave a Reply

Your email address will not be published.