The Village Council will hold a public hearing regarding the 2016 Tax Levy on Tuesday, December 6, 2016, at 7:00 p.m. in the Council Chambers at Village Hall.
The Village portion of the property tax levy is $12,794,984 after abatements. A typical residential property with a market value of approximately $300,000 will pay $598.31 in property taxes to the Village of Downers Grove.
Annually, the Village Council is required to levy taxes for the following:
1) Village Services defined as operations, capital, police and fire pensions and General Obligation Bond payments;
2) Library operating, and ;
3) all Special Services Areas.
For the sixth year in a row, there will be no increase to the property tax levy for operations and capital. The Fire and Police pension levies will increase by 9 percent. The Village's required funding level for pensions is set by state statute. The increase is related to lower than expected investment returns in the pension funds and the impact of a Government Accounting Standards Board (GASB) requirement that resulted in more conservative approaches to actuarial calculations.