Village Board Approves Proposed $6 Million Tax Levy

The Village of Libertyville Board of Trustees approved a proposed $6 million 2010 tax levy at a meeting on Nov. 23.

Libertyville homeowners may expect to pay about $13 more on their tax bills due to the 3.5 percent tax rate increase compared with 2009's tax extension of nearly $5.8 million. The rate increase takes into account a 4 percent decrease in an existing property owner's assessed valuation, according to a report by Finance Director Patricia Wesolowski and Village Administrator Kevin Bownes.

This year homeowners paid $436 in taxes for properties with an estimate value of $100,000. Next year, homeowners can expect to pay $449 in taxes for the same property, except the estimated property value will have dropped to $96,000.

The Village of Libertyville is only one of many governmental taxing agencies and represents about 7 percent of a homeowner's real estate tax bill.

Real estate taxes represent about 14 percent of the $42.5 million the village is budgeted to receive for the 2010-2011 fiscal year.

The village staff is currently preparing a tax levy ordinance that will be presented at the Dec. 14 village board meeting.  

The tax levy item was opened to public discussion during the board meeting but neither the public nor trustees had any comments.