Some property owners could see lower village tax bills

Rantoul Press editor

Rantoul property taxpayers could see the village’s portion of their tax bills decline next year.

Comptroller Scot Brandon said the equalized assessed valuation of property in the village declined an average of 5.5 percent this year. That, coupled with an unchanged village tax rate, could mean less tax money paid to the village.

The village board is expected to adopt the same tax rate — 1.31 per $100 assessed valuation — as the year before at its monthly meeting Dec. 11.

If a property owner’s EAV declines, the village’s portion should also decline, Brandon said.

That doesn’t necessarily mean the total tax bill will go down. The village’s portion of the tax bill is about 13 percent of the total, Brandon said. If other taxing bodies raise their rates, bills could go up.

“In talking with (Village Administrator Bruce Sandahl) and the mayor (Neal Williams), that is something we didn’t want to do,” Brandon said of raising the tax rate. “We want to keep the rate the same as last year.”

He said the lower EAV will mean the village will receive about $75,000 less tax money in the corporate fund.

But Brandon said the levy is “a very small portion of our overall revenue, and we think we can manage that in next year’s budget.”

That was one of two pieces of good fiscal news for residents presented at the village board’s study session this week.

Depending on ratings by Standard and Poor’s, the village is expected to save about $518,000 in refinanced bond payments over the life of the bonds.

Four bond issues will be refinanced.

Brandon said the village will know in a couple of weeks what the village’s bonds will be rated.

“These interest rates are at an all-time low,” Ken Beth, village attorney, said. “If the rates go mercurially higher, then we might decide not to refinance.”

Beth said the village wants to get a savings of at least 3 percent on the bonds. 

Read more about the village board study session in the Dec. 12 edition of the Rantoul Press.


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