Fox River Grove Reduces Municipal Electricity Surcharge Tax to More Than Offset Property Tax Adjustment
The Village Board also took action to reduce the municipal electrical surcharge tax by 40% (roughly $53,000), more than offsetting the CPI portion of the property tax levy adjustment ($48,998). The net result is an estimated decrease (about $4,000) between the two taxes. Village President Marc McLaughlin stated, “We know that our residents and businesses are facing some of the same impacts of inflation that the Village is experiencing across its operation. Our Board was committed to finding a way for the Village taxes to remain flat, even though many costs out of the Village’s control continue to rise.”
The Village’s tax rate represents 6.1% of the total property tax bill (McHenry County). A home valued at $250,000 pays $8,052 in total property taxes to all the taxing districts. The Village receives $494 of that amount, which funds police protection, street maintenance, insurance, pension and retirement costs, and other municipal purposes. The CPI adjustment of 5% for this year equates to $24.72 in additional property taxes for a home valued at $250,000.
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