In observance of the Presidents Day holiday, the Northwest Herald newspaper will not be published February 18. Breaking news and information will be updated on NWHerald.com.
Local

Fox River Grove sets reduced property tax levy

Village pays off $91,000 bond to offset taxes

Fox River Grove residents with homes valued at $200,000 could pay about $40 less in property taxes to the village next year.
Fox River Grove residents with homes valued at $200,000 could pay about $40 less in property taxes to the village next year.

Fox River Grove residents with homes valued at $200,000 could pay about $40 less in property taxes to the village next year, officials said.

On Dec. 6, the village adopted an $18,882 increase (2.1 percent) to the amount of property taxes collected for the village portion of the property tax bill; however, that levy request will be offset by a $91,558 reduction tied to the payment of the village’s only outstanding general obligation bond.

The net result is a 7.3 percent property tax reduction for 2019.

The expiring bond was issued about two decades ago to fund the construction of Village Hall and the police department, and the village came to the end of its payment cycle this year.

In 2018, the village portion of property tax bills for residents with a $200,000 home was $460.

In 2019, that portion is estimated to be about $420, Village Administrator Derek Soderholm said.

“The villages always have to borrow money to do projects. When they are paid off, the villages normally use that opportunity to get more debt to get more big projects going,” Village President Bob Nunamaker said. “We have chosen not to take on any more projects. Residents are going to see a benefit.” 

The village portion of a resident’s property tax bill represents about
6 percent of the overall tax bill. The other 94 percent goes to schools, McHenry County and the Fox River Grove Fire Protection District.

The total levy is $935,019, but the village “overlevies to ensure that we capture all new property,” Soderholm said.

“We anticipate the actual dollars collected based on our tax levy, which is subject to the tax cap, will be $925,019,” he said.

Loading more

Digital Access

Digital Access
Access nwherald.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Local news, prep sports, Chicago sports, local and regional entertainment, business, home and lifestyle, food, classified and more! News you use every day! Daily, weekend and Sunday packages.

Text Alerts

Text Alerts
Stay connected to us wherever you are! Get breaking news updates along with other area information sent to you as a text message to your wireless device.

Email Newsletters

Email Newsletters
We'll deliver news & updates to your inbox. Plan your weekend and catch up on the news with our newsletters.