Most Frankfort homeowners have a bit more cash in their pockets this summer, village officials said.
Mayor Ray Rossi said 2,700 of the town’s 3,400 households applied for a property tax rebate payment and were returned some of the tax money they paid in 2002.
In the fifth year of an annual program that rebates a percentage of the village’s share of the property tax bill, the payout totaled about $240,000, village Administrator Jerry Ducay said.
As revenue from commercial development grew, so did the percentage, which increased to 20 percent, up 5 percentage points from last year.
Rossi said officials in Frankfort, which has experienced an upsurge in commercial development over the last few years, regard the rebate money as “a surplus.”
One goal of the rebate is to encourage residents to patronize local shops and restaurants, he said. “It shows the nexus between shopping in Frankfort and saving money,” he said.