Yorkville levies down, but taxes about the same
By Steve Lord slord@stmedianetwork November 19, 2012 12:36PM
Updated: December 26, 2012 6:11AM
YORKVILLE — The city’s tax levies will be down for next year, but its share of the property tax bill will likely stay about the same.
The city’s three tax levies — one for general operations, one for the library and one to pay off bonds – will be down in total by about 2.5 percent.
That is largely because of a decrease in the library levy. Last year, the city and library negotiated a $700,000 levy for library operations, which resulted in tax rate of about .142 for each $100 of assessed value, below the maximum allowable rate for the library of .15.
This year, the library will get its .15 rate maximum, but because of lower assessed value throughout Yorkville, the most the library can get is $670,415. So, the actual amount of money the library will get from taxes will be lower than last year.
But the levy for the rest of the city’s operations is likely to produce about $100,000 more next year than it did this year.
The city is asking for about $3.65 million with the anticipation that it will get about $3.55 million, after assessed value is known, and the tax rate is established.
Bart Olson, city administrator, told aldermen the city will use the additional money to catch up with payments to the police pension fund.
During tough economic times, city officials have delayed some payments to the fund because there were few police officers nearing the retirement age. But Olson said the city should catch up on some of the payments.
He also said the city needs to start saving some money for projects coming up in the next several years, including:
The $7 million Game Farm Road resurfacing project; the city will receive $2.5 million for the project from the federal government.
The payments for the Route 47 widening project that has begun through downtown.
The River Road bridge project, for which the city borrowed $500,000 from Kendall County. “We have to start paying that back at some point,” Olson said.
Olson added the city also is looking at a road maintenance program.
Olson told aldermen that if a homeowner paid about $780 to the city this year, and his assessed value goes down about 6 percent, that same homeowner will pay about $778 next year. If the assessed value on the same house goes down 10 percent, that homeowner would pay the city about $742.
If the homeowner’s assessed value stays the same, he will likely pay between $780 and $832 to the city. Olson pointed out that about 10 percent of the property tax bill goes to the city.