NORTH AURORA – The owner of a $250,000 home in North Aurora will see the village’s portion of their property tax bill increase by $5 or $6 next year as a result of the village’s proposed $2.2 million property tax levy.
Village trustees on Monday approved the 2013 property tax levy estimate, which excludes debt service. The proposed levy would result in an estimated extension increase of approximately 2.45 percent, when taking into account the consumer price index and new construction, North Aurora finance director Bill Hannah said.
“All of this increase will go towards increased funding for pension liabilities,” Hannah said.
North Aurora is a non-home rule community subject to the property tax extension limitation law as dictated by the state.
The law limits the increase in the amount of property taxes that can be extended (for capped funds) to the annual change in the consumer price index, which for the levy is 1.7 percent.
According to the village’s financial report for the fiscal year ending May 31, North Aurora’s primary revenues for the year were about $19 million, with 26 percent of that from sales tax and 16.5 percent from property taxes.
Village expenses for the year were $14.5 million, a decrease of 0.9 percent from the previous year. Street projects, public safety and the village’s waterworks operations accounted for 77.4 percent of the total expenses.
“We’ve had good financial plans in place,” Hannah said. “We are in very good financial shape.”