Twin Lakes passes tax levy with less than 1 percent increase

tl-logoLast year, the Twin Lakes Village Board approved an exactly flat tax levy .

For 2014, there technically was an increase but not much — $5,399 or about .16 of a percent. The total levy for 2014 is $3,302,033.

The small increase in the levy comes from incorporating the increases in the total assessed value of the village, which increased .16 percent too. The result is that the tax rate to be used for for 2014 taxes will be the same as in 2013 — $4.7979 per $1,000 assessed value. If your assessment in the last year did not change, your village taxes will be the same as well. If you assessment went down or increased less than .16 percent, your village taxes will go down to. If your assessment increased more than .16 percent your village taxes will increase.

Pollitt explained (via an email to westofthei.com) the importance of capturing even this seemingly small increased levy revenue without impacting many tax bills this way:

Because the assessed value of the Village increased this year, we are able to levy more without impacting the tax bill. It is better to increase our levy in good years like this, rather than add an additional burden on taxpayers in a worse year. We put off several purchases due to not enough revenue, so capturing that available levy without increasing taxes is an important opportunity to allow us to pay for some of those expenses.”

Other budgetary increases include a 4 percent increase in sewer rates and refuse and recycling costs increases of $4 annually for each service level. Pollitt estimated that this works out to about a $20 increase in the cost of village services in 2014 for an average taxpayer.

The levy increase and all related matters passed the board unanimously Monday night.

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