Will County Board may seek estimated property tax levy of $125.3 million
At its meeting Thursday, the Will County Board determined it may seek an estimated property tax levy of $125.3 million for 2018.
In a 25-0 vote, officials decided to solidify their request.
Finance Committee Chairman Mike Fricilone presented to the board the estimated property tax levy, with new property growth and the consumer price index, or the rate of inflation, accounted for.
It shows the 2018 tax rate is anticipated to amount to 0.5898 percent, or a decrease of 0.0043 percent over the prior year. The reduction in the tax rate is the fourth in a row for Will County. That means taxpayers could see a drop in the Will County portion of their property tax bills.
Will County Board Majority Leader Chuck Maher said he takes great pride in seeing what the board has done.
“One of the most important things, though, that we do, here, as a board is setting our levy and identifying our rates,” he said. “I want to commend this board and especially our finance committee and all the folks that have worked on this for being able to find dollars that we can put aside.”
The county has identified nine position vacancies allowing the funds to be reallocated toward contingency.
“Money is just not budgeted just to use money,” Maher said. “The money is being used for what it’s intended for.”
Will County Executive Larry Walsh, Sr. presented the county’s budget to the board in September. Officials since have been ironing out the details further at the committee level.
Board documents show Will County’s Corporate Fund and Illinois Municipal Retirement Fund are expected to serve as the two largest shares making up the 2018 estimated property tax levy.
The Will County Board is expected to adopt its final property tax levy at a later date.