Savoy levy increase higher than village expects to receive
SAVOY — The village is seeking a 49-percent increase in its property tax levy, but the village administrator said residents shouldn't worry.
Last year the village levied $1.63 million, a 9 percent increase over the previous year.
On Wednesday, the village board will vote on a property tax levy increase of $549,914. Because the requested levy increase is more than a 5 percent increase from last year, a truth-in-taxation hearing will be held at 7 p.m., before the village board meeting, during which residents will be allowed to speak about the levy.
Helton said the increase is done in anticipation of possible development, "so that down the road we can capture all the funding available to the village."
Helton said that in reality the village will probably have a 2 percent or 3 percent increase.
"Hopefully people will realize there might be a small increase, but it won't be that much," Helton said. "We don't know. We don't get that final number until spring, and here we are in December trying to put everything together."
Last year's increase ended up being about 3.5 percent, he said, and the village actually received "a little over a million dollars."