Drop in valuation to affect Plainfield tax rate
By Madhu Mayer Correspondent November 6, 2012 12:24PM
Updated: December 8, 2012 6:31AM
A 5 percent decline in equalized assessed valuation is expected to have some effect on Plainfield’s village tax rate.
Traci Pleckham, director of management services, on Monday gave the Plainfield Village Board estimates for the 2012 property tax levy. As compared with 2011, Pleckham said the 2012 levy rate is estimated at 0.4538 and the overall levy request dollar amount remains unchanged at $5.4 million.
“The tax levy revenue and rate projections are largely a product of the village’s overall equalized assessed valuation (EAV),” she said. “Based on preliminary information received from Will and Kendall counties, the overall EAV is estimated to decrease this year by approximately 5 percent.”
Pleckham said the drop in the overall EAV results in a slightly higher estimated tax rate. The village’s official EAV will not be available until spring 2013.
The village board is expected to consider adoption of the 2012 tax levy at either the Dec. 3 or Dec. 17 meeting.