2007 Tax Levy
Feb 9th, 2008 by admin
Using estimates provided by the Downers Grove Township Assessor, an 8.2% increase in the Village’s current Assessed Valuation is projected; from $478,703,146 to $517,956,804. Last year the Assessor projected a 15% increase, which was later reduced by the County to an 11.2% increase. The 8.2% increase in assessed value may change after being reviewed by the County again this year.
Increases in the assessed valuation are tied to the new construction that has occurred within the Village. Estimates received from the Tax Assessor show the new construction value this year at $14,989,930; a decrease of 1% from the prior year’s value of $15,128,030.
The actual 2007 assessed valuation will not be known until April 2008. At that time, the Board will be given the opportunity to review the levy before it becomes final, although it cannot be increased at that time. If the projections and assumptions made in preparing the 2007 tax levy fall short, the County will reduce the levy to conform to the Tax Limitation Act. Collection of the 2007 property tax will begin in June 2008.
The proposed 2007 tax levy for the Village is 5.63% higher than the 2006 final extended levy. The total dollar increase is $158,133 and the projected tax rate is .5544 per hundred dollars of assessed valuation. Last year’s final rate was .5679. This would mean a rate decrease of 1.35 cents per $100 of assessed valuation. Including the Library levy, the increase is $187,544, with an overall increase of 5.63% and a total rate of .6609. This rate is 1.61 cents per $100 of assessed valuation less than last year.
Based upon the average sale price of a home in Clarendon Hills of $813,796 (October 2006), the taxes paid to the Village next year would be $1,504. This is a decrease from this year’s taxes of $1,541 calculated on the same home value. However, this does not take into account any reassessment that may be applied to the home.
– Source: Clarendon Hills Village News Letter (Jan/08)
