In a memo to the Lakewood Village Board, Administrator Jean Heckman writes the tax levy will be 3.7% higher next year than this.
3.4% of that amount is the maximum allowed under the Tax Cap law.
The additional amount is from new growth.
She estimates the tax increase will be $10.88 per $100,000 in valuation.
“Property taxes fund approximately 47%” of Village expenditures, the rest coming from income andsales taxes and various fees.
“Approximately 68% of each expense dollar is used for public safety (police and fire),
35% to public works (i.e. street paving and snow removal), and 10% to general
administration,” Heckman explains.
