The Mt. Prospect Park District Board hopes a pledge to decrease taxes for one part of its budget will offset an increase to pay for new or renovated facilities in another.
On Wednesday night, the board passed a resolution asking voters to accept a tax-rate increase of 25 cents per $100 of equalized assessed valuation in the district’s corporate fund in exchange for a 10-cent rate decrease in the bond fund. The referendum proposal will be on the Nov. 3 ballot.
The net rate increase of 15 cents would be the first operational tax increase by the district since it was founded in 1955. The owner of a home valued at $210,000 would pay $52 more in property taxes per year, district officials said.
The alternative, issuing bonds and borrowing money, could cost taxpayers $4 million more because of interest payments on the debt, park officials have said.
The board hopes to improve and renovate existing parks; build new soccer, football and baseball fields; and refurbish several aquatic facilities, Park District Commissioner Thomas Reese said.
