Paddock Lake passes 2022 tax levy with 5% decrease

The Paddock Lake Village Board on Wednesday approved a 2022 fiscal year tax levy that is 5 percent less than 2021.

The levy was approved by a vote of 6-0, with Trustee Robert Spencer absent.

No member of the public spoke at the public hearing on the levy and budgets before the vote.

The tax rate for the village portion of property tax bills will be $4.41/1,000 of assessed value. That is down from the 2021 tax rate of $5.87/$1,000. However, what the effect will be on your tax bill depends on what changes may have taken place to your property’s assessed value. All property in the village was revalued this year resulting in an increase in total village equalized assessed valuation of about 27 percent to $319,383,000.

If your property value increased right at the average for the village, your village property taxes should be similar to 2021. If your value change was less than the average, than the village portion of your tax bill may decrease. If your value increased more than the average, then you may see an increase in village property taxes.

In 2020 and 2021, tax rates had increased.

Based on earlier calculations, the village had been under the impression that it was going to be able to levy about $20,000 more, but had to adjust after a late correction regarding the state-imposed levy limit. That notice was received Monday.

To balance the now lower levy with the already prepared budget, $20,318 was added to the revenue portion of the general fund budget from the revenue reduction reserve account, village administrator Tim Popanda said in a staff report to the Village Board.

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