The Lemont Village Board on Monday approved a 4.05 percent increase in the village’s tax levy for the fiscal year commencing May 1, 2012. This year’s levy amount is $2,784,233, an increase of $108,529 over last year’s figure of $2,675,705.
According to the office of Cook County Clerk David Orr, each municipality is required by law to file its tax levy on or before the last Tuesday in December. The tax levy represents the amount of revenue each taxing body is requesting to collect from local property taxes.
“The Clerk’s office receives the levies, which are the amount of tax money requested by each jurisdiction, and calculates the tax rates based on state law,” said Bill Vaselopulos, manager of the Cook County Clerk’s Tax Extension Department.
Lemont Village Administrator Ben Wehmeier explained the village’s levy was calculated by factoring in the limitations of the tax cap (Property Tax Extension Limitation Law, or PTELL) and the increase in this year’s Consumer Price Index (CPI).
According to the Illinois Department of Revenue, the annual tax increase in a non-home-rule community in Illinois (such as Lemont) is limited to 5 percent or the rate of inflation as determined by the CPI, whichever is less. (This year's CPI is 3 percent.)
Wehmeier said the state also allows municipalities to capture additional revenue from new growth by calculating the number of single-family and commercial building permits issued each year.
Trustees Monday night also voted to abate (remove) taxes levied on debt service for a variety of waterworks, sewerage and general obligation bonds. In a memo to the board, Wehmeier explained “the village has enough funds through the dedicated alternative revenue to pay for all debt schedules.”
“The abatement is the good part,” Wehmeier told Patch on Tuesday. “It means that zero dollars will come from property taxes.”
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