Libertyville Property Taxes Could Climb 1.2%

Libertyville property taxes may be going up. If village trustees approve a proposed 2012 tax levy, homeowners can expect to pay 1.2 percent more on next year’s property tax bill.

The Village Board will hold a public hearing at 8 p.m. Nov. 22 .to discuss the proposed $6.14 million tax levy and receive public input. The proposal would increase the overall tax levy by 2.3 percent.

Should the new tax levy pass, a house valued at $75,000 would see a $4 property tax increase. For a house worth $150,000, property taxes would climb $9. A house valued at $200,000 would garner an $11 increase, according to village documents.

According to the document, there was a 5.5 percent decrease in the equalized assessed valuation of property within the village, but the village has “a desire to rebuild general fund balances.”

Village Levy: 7% of Property Tax

The village is only one of many government agencies that tax Libertyville residents, and the Village Board’s levy only represents 7 percent of a homeowner’s real estate tax bill.

Proceeds from the real estate taxes include public safety services, public works construction and maintenance (streets, sidewalks, sewers, street lights, traffic signals, snow plowing), and parks and recreation.

Libertyville also raises money from sales tax, licenses and permits, user charges and more. Real estate taxes are only some 14 percent of its revenue. According to the village, the estimated 2012 tax levy of $6.14 million would raise only half of the $16.5 million needed to pay for police and fire services.

Village Tax Rate Lower Than Most Neighbors

Libertyville’s 0.466 tax rate is lower than its neighbors are. Lincolnshire, for example, has a rate of 0.845. Lake Forest has a rate of 0.990. Deerfield’s rate is 1.389. Mundelein, Grayslake, Buffalo Grove, Highland Park, Lake Bluff, Antioch, and Vernon Hills all have higher rates than Libertyville.

The village tax for a $400,000 home in Libertyville would be some $620, for example, but in nearby Mundelein could jump to $2,147. In Lake Bluff, the bill would come to about $1,244. Gurnee, though, does have a lower tax rate at 0.394. A similarly priced home would incur only a $524 property tax from the village.

The Lake County clerk determines the property tax rate for Libertyville. That tax rate is applied to a homeowner’s property value to determine how much property tax is due. The proposed levy would raise Libertyville’s tax rate to $0.499 from the 2010 rate of $0.466.