There will be a half to one percent drop in property taxes after Oswego village council unanimously approves the new rate.
In two years, the tax rate has dropped by one percent.
A resident whose home is valued at $ 250,000 would see a decrease of $ 11.92 while a home of $ 350,000 would save $ 15.48. However, the fair market value of homes is expected to increase by nine percent, offsetting the savings. This rate is set by the Kendall County Tax Assessor.
No resident spoke during the public hearing on the new tax levy. There was no discussion or question and answer from the directors of the board of directors during the meeting.
Then, in a presentation on village finances over the past six months leading up to the vote, Oswego Village Finance Director Mark Horton got that information.
Horton sees this for the current fiscal year.
Regarding the new downtown parking lot, Horton said this.
At the meeting, Oswego handed over five general bond bonds, worth over $ 63 million for village projects over the past 10 years. The annual move is done every year to prevent the Kendall County Clerk from passing the cost onto the residents’ property tax bill. The proceeds from the village sales tax are used to repay the bonds.
You can listen to Mark Harrington’s radio story by clicking below: