ST. CHARLES – The owner of a house with a market value of $300,000 will pay the city an estimated additional $15 a year in property taxes as part of a proposed $23 million tax levy.
At Monday's St. Charles City Council meeting, aldermen approved an estimated $23 million property tax levy for 2019. The levy amount represents an approximate 9.5% increase from the prior year because of a proposed increase in the operating as well as the debt service portion of the levy, St. Charles Finance Director Chris Minick said in a memo to the City Council.
"Although the debt service levy must be included in this estimate, the city has traditionally abated this amount and paid for bond debt service from non-property tax revenue streams," Minick said. "Staff anticipates a similar process for the 2019 levy. If this occurs, the $10 million amount reflected as debt service will be removed from the final 2019 levy to be collected in calendar year 2019."
Abating the debt service levy would result in a proposed 1.9% actual increase to the city’s tax levy, he said. The 2019 levy estimate as presented after debt abatement would result in a 1.9% increase to the city portion of the tax bill for the average resident, assuming a corresponding 5% increase to EAV, Minick said.
The owner of a house with a market value of $300,000 would see their city property taxes increase by approximately $15 a year, or $1.25 a month, he said. The owner of a house with a market value of $400,000 would see their city property taxes increase by approximately $20.45 a year, or approximately $1.70 per month, Minick said.
A public hearing on the proposed levy will be held in December.