Village Budget Hearing Will Be Held Monday
A $400,000 home owner will pay $12 more in taxes this year, as the tax levy increases 0.66 percent.
The Village Board will hold a public hearing Monday before adopting a budget that raises taxes less than one percent.
A $400,000 homeowner will pay $12 more in taxes this year. The tax rate will increase from $5.31 per $1,000 of assessed value to $5.34 per $1,000 of assessed value. The total levy will increase 0.66 percent from $10,514,657 to $10,583,650.
The proposed budget does not include any changes to staffing or programs.
During the October budget hearings, trustees decided to increase the sewer rates by 5 percent to cover a shortfall in the sewer utility fund. Increasing the fee to $2.65 per 100 cubic feet is expected to generate an additional $62,000 in revenue next year. The rate increase was approved at a Nov. 5 board meeting and will take effect at the beginning of 2013.
The village's more expensive 2013 capital projects will be financed through borrowing and special assessments: $1.25 million for street, alley and sidewalk reconstruction, $2.4 million for water main on Lake Drive, $3.1 million for the sewer lateral, $1.8 million for storm sewer outfall to the Milwaukee River on Lancaster Avenue, and $4.8 million for a storm water retention basin in Cahill Park and storm water management measures at Estabrook Park.