Yorkville’s share of tax levy to stay steady
By Steve Lord email@example.com November 30, 2012 10:12AM
Updated: January 3, 2013 6:22AM
YORKVILLE — Aldermen approved city tax levies that are down for next year, but the city’s share of property tax 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.
The city is asking for about $3.65 million in the general fund levy 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 this week the city will use the additional money to catch up with payments to the police pension fund.
During tough economic times, city officials 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.
Olson told aldermen that if a homeowner paid about $780 to the city this year, and his or her 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 a homeowner’s assessed value stays the same, homeowners 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.