10% Property Tax Increase In Northbrook Could Have Been Worse

NORTHBROOK, IL — At an Administrative and Finance Committee meeting last week trustees agreed to raise their property tax levy by more than 10 percent from the previous year, the Northbrook Star reported.

That tax hike is less than half of what was initially required to balance the Village's budget. Last year's total property tax levy was $14 million. This year, the village needs to raise $17 million dollars because of poorly performing investments. The Village Board promised to kick in $1 million from its reserves, and administrators managed to put together a new budget that cut $508,000, according to the Star.

Instead of returning that money to taxpayers, the Village Board decided to use that money for higher priced purchases up front (like a fire truck) to reduce long-term interest payments. The Star reported concerns over the potential costs of some of Gov. Bruce Rauner's budget proposals led trustees to decide against taking any additional money out of its well-financed "rainy-day fund" and further reducing the rise in property taxes, the Village's finance director said.

» Read more via the Northbrook Star

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