M.M. Tirion
How much of a property-tax break would I receive if the village could reduce annual expenses by $200,000.00?
Since the total taxable assessed value throughout the village is a bit over $200 million, the village tax rate would be reduced by $1 for every $1000 in property value. My home, with an assessed value of $142,000 would be spared $142 in annual village property taxes. (Our village tax rate is currently a bit over $18 per $1000 of assessed value)
FYI The west hydrodam requires annual debt payments of $265,000. In addition, even while idle, the west dam powerhouse requires maintenance and service costs; the village budget allocates roughly $120,000 for the maintenance, service and fringe benefits for both dams. If only $35,000 goes towards the service, fringe and maintenance costs at the west dam, the west dam incurs $300,000 in costs annually. These funds come from the general village budget as the west dam is moribund.
The village’s general fund gets roughly 62% of its revenue from property taxes and 20% of its revenue from sales tax proceeds. As two-thirds of $300,000 is $200,000 the absence of a west dam would reduce my annual property tax bill by almost $142.
Local Government Matters 