A 2.09 percent increase in the tax levy for La Grange has been proposed for 2015, though the impact on taxpayers likely will be less, the finance director said.
The Village Board is scheduled to vote on the proposed $8.8 million levy, which funds village services and some capital improvements for the coming year, at 7:30 p.m. Dec. 14 at Village Hall, 53 S. La Grange Road.
Finance director Lou Cipparrone said Illinois’ tax cap law limits the increase to homeowners at 0.8 percent, the Consumer Price Index determined in December 2014.
On a home with a market value of $350,000, the tax bill is expected to rise by $7.87 for village services and an additional $1.33 for the La Grange Public Library’s operations, Cipparrone said.
The total bill, payable in 2016, is calculated to increase by $9.19 to $1,410.72 in 2015, compared to $1,401.53 in 2014, he said.
The tax cap law permits municipalities to request a levy amount in addition to the CPI to allow for growth in new property. La Grange officials estimate an additional $7.5 million in equalized assessed valuation will be added to the tax roll, though if growth is less than projected, only the actual amount of new property will be the basis of taxes collected, Cipparrone said.
In past years, new property totaled $2.9 million in 2014, $2.4 million in 2013 and $2.3 million in 2012.
Two new developments likely will result in a significant increase in the village’s equalized assessed value but were not included in the calculation, because they aren’t expected to be completed until 2016 or later.
Opus Development Co., LLC, based in Rosemont, has broken ground for Uptown La Grange, a 254-unit luxury apartment complex with a retail component on the northeast corner of Ogden Avenue and La Grange Road.
Construction also has begun on a 23-unit luxury condominium project at Ashland and Harris avenues.
The proposed 2015 tax levy of $8.8 million represents an increase of $180,957, or 2.09 percent over the 2014 tax levy of $8.6 million, Cipparrone said.
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