Fox River Grove property owners could pay less in taxes to the village during the 2018 calendar year.
At its Nov. 2 meeting, the village board recommended authorizing an $18,506 -- 2.1 percent -- increase to property taxes collected for the village portion of the property tax bill. It will be offset by a $24,643 abatement of a portion of the village's outstanding debt. As a result, property taxes would drop by $4,048 -- 0.4 percent -- for 2018.
"The board was committed to finding a way to hold flat or reduce the village portion of the tax bill for the second year in a row," Village President Robert Nunamaker said. "As residents, we are acutely aware of the impact that property taxes can have on a household's bottom line."
This year's projected consumer price index increase in the village's base property tax dollars is $18,506, which is to be abated in its entirety.
Officials said the village's police pension expense continues to rise faster than the allowed adjustment available under the property tax cap law. The village's required contribution toward its police pension fund liability increased by $62,600 -- up from $400,000.
Property owners will see additional tax relief in 2019 when the village retires its only outstanding general obligation bond. A resident with a house valued at $200,000 can anticipate annual savings of $48, or a 10.6 percent reduction on the village portion of the overall property tax bill.
The village makes up about 6 percent of the overall tax bill. Other taxing bodies, including school districts (68 percent), the county (8 percent), and fire district (6 percent), comprise the remainder of the property tax bill.
The village board will vote on the property tax levy and abatement ordinances when it meets Thursday, Dec. 7.