City of Rockford issued the following announcement on Oct. 27.
The City of Rockford’s proposed 2020 property tax levy to fund 2021 operations remains flat from 2019 and represents the 8th consecutive year that the City has either reduced or kept its levy flat. The Finance and Personnel Committee, as well as the full City Council, will need to vote on and approve the 2020 tax levy before December 29. The City estimates the reduced levy will also result in a reduction in its property tax rate.
“We’ve worked diligently since I took office in 2017 to reduce the property tax burden on our property owners while still delivering value in the programs and services we provide,” says Mayor Tom McNamara. “Now more than ever, it is incredibly important that we are good stewards of our tax dollars.”
A City of Rockford property owner pays taxes to 11 taxing authorities. RPS 205 is about 52 percent of the total bill, followed by the City of Rockford at 22 percent.
Facts about the City of Rockford 2020 Property Tax Levy:
• The City is not requesting $2.14 million that could otherwise be received under tax cap laws.
• The estimated rate is a 3% decline, from $2.9185 to $2.8224.
• The estimated rate is 54 cents lower than the highest, in 2015, and reflects a 16% reduction in rate since that time.
• Property values continue to increase due to strong residential sales. The City-wide assessed value is projected to increase 6.3%.
Original source can be found here.
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