The Village Board approved a property tax levy Thursday night that pretty much held the line on increases for the fourth consecutive year.
The board also adopted a $26.1 million budget for 1996–which is 8.5 percent higher than this year–but one that officials said will not cost taxpayers more than what they’re paying this year.
The board approved a levy of $5.2 million but abated more than $1 million, so that the final levy amount equals last year’s amount collected by Cook County.
The village abates those dollars because they represent payments on general obligation bonds that will be made from reserves in three funds.
Much of the increase in the budget is due to big capital projects, such as $1 million to build a new village water tower, $750,000 to relocate a west side fire station, and $937,800 to purchase 23 replacement vehicles, including a fire engine.
The budget also was amended Thursday to include $41,200 for a restroom facility and shelter at the Streamwood Oaks Golf Club, owned by the village.
The tax rate is expected to drop to $1.12 from $1.22 per $100 assessed valuation, but homes were reassessed and their equalized assessed valuation raised about 9 percent, said Finance Director David Richardson.
The owners of a home with market value of $120,000 may pay $2 more in property taxes if the property was reassessed.
