The village of Schaumburg bucked the national trend of raising taxes and fees to cover rising expenses when its board unanimously approved a 4.4 percent reduction to the 2010 property tax levy
You read that right: reduction.
But that's not all. Village officials also did away with vehicle sticker fees and moved to have property taxes cover garbage removal.
The tax reduction is actually part of a plan. Village big wigs promised to reverse the property tax when officials first established it last year to brace against the sagging economy. The village traditionally hasn't employed a property tax.
Now officials say revenues from hotel (up 6.2 percent) and sales (up 3 percent) taxes were large enough to cover their nut, so they don't need the property tax to make ends meet.
The proposed tax levy for 2009 was $23.7 million. In 2010 it's just $22.7 million. That means a home owner with a $250,000 home will pay about $12 less than last year. Couple that with $180 savings from the garbage fee and $20 a year for village stickers and some residents will experience a nice boost.
The Real Effect
A good start, but since they didn't need the tax before, they should eliminate the tax now to really pump up their economy. Think about it, if you want to be competitive you must lower your cost to your customer. You don't get competitive by jacking rates up, that's just idiotic.
A good start, but since they didn't need the tax before, they should eliminate the tax now to really pump up their economy. Think about it, if you want to be competitive you must lower your cost to your customer. You don't get competitive by jacking rates up, that's just idiotic.
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