Although Yorkville officials are predicting a lower tax levy, residents property tax rates will remain much the same as the previous year.
The city’s three tax levies for general operations, the library and to pay off bonds will be down in total by approximately 2.5 percent.
The estimated corporate and special purpose levy is $3,650,692, although the final number is expected to be lower, said City Administrator Bart Olson. He said the city always seeks a larger portion than it is likely to get. Olson said he expects the levy to come in at approximately $3.5 million after the assessed value is known. Olson said they’re seeking more funds to “catch up” on police pension funding. During tough economic times the city delayed paying into the fund because few officers were nearing the retirement age, Olson said. Now though is time for the city to catch up on those payments, otherwise the state can come in and enforce proper payment, he added.
Olson also told council members the city needs to save funds to pay for several projects including the $500,000 borrowed from Kendall County for the River Road Bridge project and the $7 million Game Farm Road resurfacing project and payments on the work for Route 47.
The estimated $3.6 million figure is 6.1 percent higher than the approved $3.55 million levy passed in 2011, Mayor Gary Golinski said.
“This past year was good and we’re expecting another good year.
The library is expected to receive the maximum assessed amount, but due to lower values in the city is expected to be approximately $670,000.
The estimated property tax to be levied for debt service and public building commission leases is $1,257,909. Total property taxes estimated for the levy are $4.9 million, a .71 percent reduction in all city property taxes, according to city documents.
What Can Residents Expect?
What this means for residents is if someone paid $780 to the city in 2011 property taxes, but their property value fell 6 percent, which is the average drop in the city, that resident can expect to pay $778.
If a resident’s property value increased, their payment will increase up to $850 from $780, Olson said.
If a property value stayed the same, the resident can expect to see his payment range from $780 to $832.
The levy proposal has to be filed with the county by the end of December. Yorkville receives 10 percent of the total property tax levy.