|
Having trouble viewing this email? View it as a Web page.
Village Board approves 3% decrease in property tax rate
Oswego property owners will see a 3 percent decrease in the Village of Oswego?s property tax rate on their upcoming tax bills.
The Village Board approved a tax levy, which is the total amount of property taxes collected, of $1,716,117, or a rate of 0.14254. This rate is a 3 percent decrease in the Village?s tax rate applied to properties within the Village. This is the largest tax levy rate decrease for the Village of Oswego since 2015 when the decrease was 4.6%, and the lowest tax rate since 2009.
?We are in a great financial position to reduce the Village?s property tax rate,? Village President Ryan Kauffman said. ?We know that property taxes across all Oswego?s units of government are a burden for our residents. The Village Board wants to take whatever steps we can to reduce that burden.?
The Village?s property taxes are among various revenue sources that support the Village?s operations. Over the past two years the Village has managed to achieve surpluses of $4.2 million and $5.6 million through a combination of reduced expenditures and strong revenues in the general fund alone. The current fiscal year is trending in the same direction.
?The Village continues to prioritize capital investment, including water infrastructure, road maintenance and improvements, as well as reducing long-term liabilities by strengthening investment in the Village?s Police Pension fund.
The Village?s overall equalized assess value, or the total value of properties within the Village, increased approximately 6.91 percent over the previous year, due in part to new development within the Village. Since property values increased, a home valued at $281,900 this year would have been valued at $263,680 last year. Due to increased property value, the property tax increase year over year is $5.05.
Here?s an example of the 2023 property tax rate on the owner of a $281,900 home in Oswego. The formula is Equalized Assessed Value / 100 x Tax Rate = Taxes Owed
or $93,966-$6000/100 x 0.14254=$125.39.
2023 Property Tax Rate
$281,900??????????????? Home Value
$93,966.67?????????? @ Equalized Assessed Value (33%)
($6,000)??????????????? Less Homeowners Exemption
$87,966.67?????????? Taxable EAV
0.14254??????????????? Tax Rate????????????????
$125.39???????????????? Village Tax Owed
2022 Property Tax Rate
263,680?????????????? Home Value
87,893.33?????????? ? @ Equalized Assessed Value (33%)
(6,000)????????????????? Less Homeowners Exemption
81,893.33?????????? ? Taxable EAV
0.14695??????????????? Tax Rate
$120.34? ? ? ? ? ? ? ? ?Village Tax Owed
 The Village of Oswego receives the second-smallest share of property tax of any taxing district in town. Of your total property tax bill, just 1.6%, or less than $0.02 of every dollar,
goes to the Village of Oswego to provide services.
View the Village's financial information online.
|
? 
? 
? 
