Dropping valuation may mean higher tax bills in Plainfield
By Madhu Mayer Correspondent December 4, 2012 8:16AM
Updated: January 6, 2013 9:46AM
The Plainfield Village Board on Monday adopted an ordinance that will affect the pocketbooks of residents come property tax time next year.
A continuing decline in the village’s equalized assessed valuation likely will mean a higher property tax rate despite a largely unchanged budget, village officials said.
No one spoke during a public hearing on the 2012 tax levy, which is payable in 2013.
Traci Pleckham, director of management services, said compared with 2011 the 2012 levy rate is estimated at .4538 and the overall levy request dollar amount remains unchanged at $5.4 million.
The amount consists of an operating component of $5.3 million and a bond and interest cost of $114,825.
“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 this decrease in the overall EAV results in a slightly higher estimated tax rate. The village’s official EAV will not be available until spring.
“A $250,000 home that does not experience an adjustment in the EAV could see approximately a $1.55 per month increase in their tax bill,” Pleckham said.
For every dollar paid in property taxes by village residents this year, 5.29 cents was paid to the village of Plainfield.
“Collectively, we are not bringing in more money than what we got last year,” Village Administrator Brian Murphy said.