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Growth in assessed valuation and bond issue retirement mean a lower tax levy and a lower tax rate for residents in 1998, Village of Mokena officials said this week.

The 1998 tax levy approved by the Village Board on Monday totals $641,928, a 12 percent decrease from 1997, Finance Director Barbara Damron said.

The levy reflects $52,189 in new growth, she said.

The tax rate is decreasing to 23 cents for each $100 of assessed valuation from 29 cents, resulting in a $30 saving for the owner of a home with a market value of $150,000 and a saving of $49 for the owner of a home with a market value of $250,000.