The Village Council will hold a public hearing regarding the 2017 Tax Levy on Tuesday, December 5, 2017, at 7:00 p.m. in the Council Chambers at Village Hall.
The Village portion of the property tax levy is $13,348,834 after abatements. A typical residential property with a market value of approximately $300,000 will pay $583.84 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 seventh 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 9.3 percent. The Village's required funding level for pensions is set by state statute. The increase is driven by a change by both pension boards to lower their interest rates from 7.25% to 7%.