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Yorkville looks to keep tax levy at same level as last year · Kendall County News - Shaw Local

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  Yorkville looks to keep tax levy at same level as last year.
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  This article is being read by an automated voice, brought to you
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  by Everlet. Yorkville Alderman unanimously approved an initial property
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  tax levy of 4,172,000 at their October 13th meeting, the
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  same amount The city levied last year. The amount isn't final. The
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  city council can lower it before final approval, scheduled for November 24th
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  or December 8th, but cannot raise it, according to the city. The
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  property tax levy sets the amount of money a taxing body intends
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  to collect. The
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  2026 levy is collected from property taxes paid in summer 2027. Alderman
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  Ken Cook said he was in favor of the flat rate, especially
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  in light of the city hiking water rates for several years to
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  cover the Lake Michigan water sourcing project, which is running around 224.4
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  million. The city’s Council is also forgoing the year over year adjustments
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  for inflation. Last year the rate was 3.7, according to the U.S.
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  Bureau of Labor statistics. Multiple council members discussed the Kendall County New
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  Construction Equalized Assessed Value Increment that would have brought in an estimated
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  extra seventy five thousand five hundred fifty dollars in property tax revenue
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  to the city's coffers. The county currently estimates the new construction EAV
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  at 18,915,816, reflecting the growth
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  across the county. Alderman Chris Funkhauser said he did not favor taking
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  in new construction because the city is in a pretty solid portion.
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  Right now for the nominal amount that we gain for the new
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  construction. With the city passing on the new construction, City Finance Director
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  Rob Fredericson said property tax bills might see a few dollars in
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  savings on average. Frederickson said, The owner of a home valued at
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  four hundred thousand dollars can expect to pay about eight dollars less
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  for the city's portion of the property bill and about four dollars
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  more for the library's portion. This assumes the homeowner's bill increased by
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  the same rate as overall equalized assessed value over the past year,
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  which currently is estimated at 5.0. A property's EAV is one third
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  of the fair cash market value. Tax rates from individual taxing bodies
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  are applied to a property's taxable EAV to determine The overall property
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  tax bill. The city's property tax levy supports a broad range of
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  essential municipal services, including police protection, snow plowing, and other public work
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  services, building inspections and other general operations. A significant portion
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  of the city
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  taxes will go toward the Yorkville Police Department Police Pension Fund. The
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  city's contribution will be 1,601,409, a
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  4 increase over last year's contribution of 1,540,029, according
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  to City documents. The Yorkville Public Library's levy is itemized separately from
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  the City levy. The library's levy will be around 1,180,000, a 4.5
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  increase over last year. The combined library and city levy currently totals
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  five million three hundred and fifty two thousand dollars. Frederickson said the
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  library's levy supports core operations, helping to maintain daily services programming and
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  facility needs for the community. The city must file the twenty twenty
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  six Tax Levy Ordinance with the county by the end of the
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  year. The tax levy is up for a public hearing on november
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  tenth. The City Council will finalize the amount during either the November
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  twenty fourth or December eighth meeting. While the City Council can continue
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  to decrease the amount, it cannot increase the amount from the initially
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  approved levy.