The village of Riverside will search to increase its 2023 property tax by 6.07%.
Though the village seeks that extension, it isn’t more likely to accumulate the total quantity due to the state’s tax cap regulation for non-home rule municipalities equivalent to Riverside.
The regulation limits tax levy will increase for non-home rule communities to five% or the extent of the buyer value index, whichever is much less. The CPI for 2023 is 6.5%.
The village requests a rise of 6.07% to seize any progress within the property worth decided by Cook dinner County as a foundation to calculate property taxes, known as equalized assessed worth. Native tax charges and levies, in addition to relevant tax deductions, are utilized to the equalized assessed worth, figuring out how a lot taxes every property proprietor pays.
The village estimates the 2023 tax levy is round $8.1 million.
About $6.7 million or 82%, of the proposed levy is for the village’s normal funds, particular recreations fund and debt service funds. This represents a rise of about 8% from final 12 months’s levy. The remaining $1.4 million is for Riverside’s library, about 3.1% greater than final 12 months’s levy.
After holding a public listening to on Nov. 2, the village board is predicted to approve the 2023 tax levy on the Dec. 7 village board assembly.