As 2023 begins, Wilmette property owners will see a slight decrease in the village’s portion of the property tax levy under the recently passed municipal budget. However, other economic factors may lead to an overall tax increase.
On Dec. 13, the village board approved the 2023 budget with a .56% decrease in the village’s portion of the levy.
“I am pleased the village continues to be in a solid financial position and is able to present the first property tax reduction in over 30 years,” Village President Senta Plunkett said in a statement. “Our strong reserves, focused economic development efforts, and sound financial management allow us to maintain high quality services and investment in our community while mitigating the impact on our residents.”
In addition, the village is not planning on any rate or fee increases in 2023.
However, residents may not see a cost savings as the overall average property tax bill of $15,000 could rise by 5% due to inflation, according to village documents.
The village itself represents 12% of the overall tax bill trailing District 39’s 38% and New Trier High School’s 26%, per village documents.
As of now, the levy decrease may only be a brief experience as the village is currently projecting a 4.43% increase in 2024 and 5.48% in 2025.
More Top Picks School Accommodations For Sensory Processing Disorder
The village board also approved a $95.6 million budget with a $2.53 million drawdown from reserves.
Daniel I. Dorfman is a freelance reporter with Pioneer Press.