Village Board approves decrease
in property tax rate
OSWEGO, ILL. ? Oswego property owners will see a 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 $1,668,111, or a rate of 0.1504. This rate is a one-half percent decrease in the Village?s tax rate applied to properties within the Village. This is the third consecutive property tax rate reduction from the Village of Oswego, and the lowest tax rate since 2011.
?Fiscal responsibility is our top priority,? Village President Troy Parlier said. ?We know property taxes across all Oswego?s units of government are a burden for our residents. It is important for the Village Board that we 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 $2.9 million and $2.5 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 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 more than 9 percent over the previous year due in part to new development within the Village.
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