Property owners will get a small tax break this year from Algonquin after the village's bottom line got a boost from strong retail sales.
The Algonquin Village Board approved a 1 percent decrease in the tax levy for next year at its Nov. 6 meeting. The village expects to collect $5,481,000 in property taxes in the coming year, said Algonquin’s Assistant Village Manager Michael Kumbera.
Intergovernmental agreements and overall operating efficiencies also helped bolster Algonquin's bottom line this past year.
“The village board is committed to holding the line on our property taxes and I am very happy we have been able to take another step this year by rolling back our levy,” said Village President John Schmitt in a press release. “We’ve been able to accomplish this while still maintaining core services and infrastructure in Algonquin.”
But this does not necessarily mean property taxes will go down for Algonquin residents.
The village of Algonquin accounts for 7 percent of a homeowner’s tax bill. The levy from all taxing bodies — such as, school districts, the county, library districts — is factored when determining the tax rate, Kumbera said.
The village has not raised its tax levy in the past four years. This year's levy is the lowest since 2007. In 2011, the village approved a 1.1 percent decrease, while in 2009 and 2010, the tax levy remained flat.
In total, around one-third of the village’s revenue comes from property taxes.