Being debt-free and having a balanced budget means the Village of Grayslake can give taxpayers a small break by freezing the 2013 property tax at the 2012 amount.
Trustees voted unanimously at the Nov. 6 board meeting to prepare the 2012 tax levy ordinance based on the levy amount of $2.95 million. This amount represents no increase in dollars received in 2012 from the 2011 levy, said officials.
Even though the village only takes a small piece of the property tax pie to begin with, said trustee Bruce Bassett, "This says the village will take no more than the dollars we took last year."
Bassett said this represents a permanent savings for taxpayers because next year, the village can only levy at the rate of inflation or up to 5 percent of the current amount.
The village's portion of the typical property tax bill is between 4 percent and 5 percent. Since 1987, the village's tax rate has declined more than 46 percent.
"While the village only accounts for just under 5 percent of property tax bills, the proposed property tax freeze represents the village’s attempt to do its part on controlling homeowner and business property tax bills," said Mayor Rhett Taylor in a press release issued prior to Tuesday's board meeting.
The levy ordinance will be presented for a vote in December. The 2012 ordinance would impact 2013 property tax bills.