Schaumburg to avoid raising property tax despite unprecedented difficulties

Since the village of Schaumburg’s first property tax was introduced in 2009 in the midst of the Great Recession, the annual amount has fallen or remained unchanged every year.

As they plan to keep the levy again at $ 19.5 million this year, village officials, including Mayor Tom Dailly, agree it has been the most difficult year so far to keep this down. convenient.

Among the financial factors facing the village is the loss of $ 26.2 million in consumption taxes due to the pandemic and a $ 570,000 increase in pension contributions for firefighters and police officers.

“We got $ 9.8 million from the federal government that didn’t make up for that,” Dailly said of the village’s lost income. “I don’t think we got our fair share from the federal government.”

Nonetheless, village staff were able to find a way to join the leadership of the village council and recommend a levy of the same amount as the past two years.

In 2019, just before the pandemic, the village reduced the previous levy by 5% after paying off its only bond debt financed by property taxes.

With Schaumburg’s finances traditionally tied to the health of the consumer economy, Dailly said he was hopeful that a new upturn could ease next year’s levy decision. Relatively new sources of revenue from video games and licensed cannabis sales could also help, he added.

One factor in calculating property taxes outside the village’s control is the nearly 5% decrease in the equalized assessed value of properties in Cook County, Schaumburg chief financial officer Lisa Petersen said.

The decrease was partially offset by a 10.5% increase in the equalization factor set by the Illinois Department of Revenue.

The combination leads to a projected 2% drop in the tax rate, which would force the owner of a median priced home of $ 300,000 to pay the village $ 37 more on their next tax bill despite the fact. that the village tax remains the same, Petersen mentioned.

Penny D. Jackson