Twin Lakes passes 2022 tax levy with 9.78% increase

The Twin Lakes Village Board passed a 2022 tax levy Monday of $4,265,912, a 9.78 percent increase from 2021.

The levy was passed at a special board meeting by a 4-0 vote with Trustees Bill Kaskin, Aaron Karow and Sharon Bower absent.

The above levy figure includes the village levy, which the village controls, and the Community Library levy, which is not set by the village.

The resulting tax rate will decrease this year due to a 17.58 percent increase in the village’s assessed valuation. A village-wide revaluation of all property within the village was conducted this year.

The 2022 tax rate is $4.47/$1,000 of assessed value, a decrease of 6.63 percent over the 2021 rate.

What that means for an individual’s village portion of their property tax depends on what happened to their property value. 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, then 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.

Here is more detail on the village budget and tax levy.

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