Residents will see an increase of up to $114 on their village property tax bills next year if the board approves a final reading later this month on a 1.5 boost in the year's tax levy.
The approved this week the first reading of the increase in the 2011 tax levy, according to a story by Triblocal. It states that if the motion gets the board's final approval on Dec. 20, that residents can expect to pay between $54 and $114 more on their tax bills.
The property tax revenue request of $18.8 million was an increase of about $280,000 in revenue from the year before.
"The projected tax rate will be 1.128 for every $100 of equalized assessed value, up from 1.024," the story says.
It also states that the 2011 levy for the will remain at its current $5.6 million. However, the library’s projected tax rate is .333 — up from the .317 rate in 2010.
"The total equalized assessed valuation for the village and library taxing district is expected to decline by about $144 million from last year …" according to the story. "The decrease in the EAV means there is a smaller tax base against which to split the village and library levy requests."
Village Treasurer Brad Bettenhausen said during Tuesday's board meeting that he estimates taxpayers will pay $8 to $18 more on their library tax bills in 2012 because of the EAV decrease, the story states.
Check in with Tinley Park Patch following Dec. 20 to see the final vote.
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