Glenview residents who live in 16 special service areas will collectively save $176,000 on their property taxes because the Board of Trustees approved a term loan agreement with Glenview State Bank in a 5-0 vote at its Sept. 6 meeting.
The village will receive a 20-year, $2.2 million loan from Glenview State Bank, with a fixed interest rate of 3 percent, that will be funded to the village because it paid for improvement costs to special service areas, which were constructed in the last 10 to 12 years, said Maggie Bosley, finance director.
Special service areas are geographic areas in the village that need improvements that are voted on by taxpayers who live or have businesses within that area, Bosley said. An example of two special service areas that were constructed together is the installation of curbs and gutters on Glendale Drive, Westview Road, Glenayre Drive and Glenridge Drive, Bosley said.
Once the area is approved, taxpayers in those areas agree to pay back the village for the cost of the project, and the village does that by levying the property tax, Bosley said. The village started levying taxes on these areas around 2011 and 2012, so the loan covers the amount of money the taxpayers still owe the village, Bosley said.
Property owners within these special service areas will see a decrease on their property taxes because the interest rate on the bank loan is lower than the average interest rate of roughly 4 percent that village previously charged those taxpayers, Bosley said.
