Tax Levy / Budget

2008 Buget in a Nutshell

The mil rate for 2008 is 3.9016. The adopted mil rate for 2007 was 3.6909. Last year the tax levy was $359,762.00 and this year it will be $388,542.00. Assessed values went from $97,470,100 up to $99,587,900.

HISTORICAL LISTING OF VILLAGE MIL RATES: 1997 Through 2008

STATE MANDATES PROPERTY REVALUATION

A complete revaluation of all taxable real and personal property within the Village is periodically necessary. The State recently determined that inequities may exist within Village residential properties. When inequities occur, some property owners are paying more than their fair share of property taxes and some are paying less. A complete reassessment or revaluation may be the only remedy. Most property owners are willing to pay the expenses of a revaluation to be assured that all are paying their fair share of property taxes. Everyone's taxes will not go up after a revaluation. If the total levy remains the same, only those properties which are not presently paying their fair share of the tax burden will pay more taxes after a revaluation. Properties presently paying more than their fair share will pay less. The main reason for the increase in Village expenditures for 2008 is due to the cost of the State mandated revaluation. ($47,000.00).

2008 Budget

Like most of our residents, the Village was able to pay our bills this year but are concerned about how rising cost in combination with fixed revenues will affect our long-term financial stability.

The factors having the most negative impact on our ability to meet our Village's needs are thes same ones our citizens face at home: rising health care costs; increasing pension costs; enegy and fuel cost and the cost of constant maintenance and upkeep. The other factor that concerns our finances are unfunded State and Federal mandates. Locally, our economy is doing very well and our tax base has continued to grow. It's the outside factors like declining shared revenues and mandated services (eg. Storm water management) that we need to be mindful of.

The following is a summary of the adopted 2008 Village Budget. Copies of our Water Utility Budget, Wastewater Utility Budget and Storm Water Budgets are also available at Village Hall.

• Download XLS file of 2008 Village Budget
  (requires Microsoft Excel)