It was tax levy time for the Crystal Lake City Council Tuesday. Although the City was not required to hold a public hearing or publish the levy since the increase was less than 5% over the previous year, the City did both. The City levy also includes the levy for the City Library, which determines its own budget.
The levy is a 0.12% decrease over the 2009 tax levy. City officials note that this is accomplished by maintaining existing budgeted levels and using reserves. The actual tax rates will be determined by the County Clerk's office based on the levy the City presents and the total assessed valuation of property in the City limits. The City does not levy on a rate, but instead levies in actual dollars. As a result there are no additional tax monies if the assessed valuation of the property increases. The tax levy is spread over the total assessed valuation of property, resulting in a rise or fall of the actual City tax rate.
The City's estimated Equalized Assessed Value (EAV) for this year is $1,401,725,601, a 6.2% decrease over the 2009 EAV. There was also a decreased 2009 EAV over the 2008 EAV. The last time there was an increased EAV was the 2008 figure over the 2007 EAV. These decreases are due to the poor housing market. The actual EAV for 2010 will be determined by the County Assessors office next spring.
The City Tax Levy for the coming year totals $14,332,103. This is the amount used to determine the tax rate based on the total assessed valuation of the property in the City.
The Appropriation for the coming year is $78,914,980. This is the estimated amount needed to provide the various City services. This figure is more than the amount to be levied and is provided through other sources than taxation. The appropriation must still be approved or it cannot be spent unless an emergency action is taken.
It is estimated that the 2010 property tax levy on a home with an EAV of $250,000 will be an increase of $30.61 for the year or $2.55 per month.
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