Yorkville council mulls drop in tax levy
By Steve Lord firstname.lastname@example.org October 26, 2012 6:36PM
Updated: November 30, 2012 6:06AM
YORKVILLE — Officials say the city’s 2014 tax levy should result in a lower city portion of property taxes for residents.
A hearing on the 2014 levy is scheduled for 7 p.m. Nov. 13.
The levy is the amount the city asks for in property taxes each year. For the 2014 levy, which actually is money to be collected next year, officials are asking for a total of about $4.9 million, down from the last levy of about $4.94 million.
City portion of bill
Those numbers still are estimates, which the city usually adopts each year for purposes of the public hearing. At the public hearing, the city will give more detail to the figures, and will explain how the levy works with the city’s assessed value.
It is the City Council’s intent to ask for 2.5 percent less in property taxes than last year.
In a memo to the council, City Administrator Bart Olson said the amount of money both the city and library are asking for is less than last year.
“Based on those two statements only, the amount that each property owner pays to the City and to the Library should be lower than the prior tax bill,” Olson wrote.
But he added that because of the complexities of taxation, that might not be true for every property owner.
He also said that the city’s assessed value has decreased by about 10 percent, which is greater than the amount of the reduction of the levy. That means the tax rate will go up, and that also means some individual property owners could pay more.