East Moline Tax Levy
November 18, 2013
Some residents of East Moline will pay slightly higher property taxes to the city next year, but many will not. Tonight the city council will discuss a tax levy for 2014.
Finance Director, Megan Petersen, recommends raising the levy by about 1.4 per cent. It'll be offset by falling property values in the city, so East Moline will actually receive less revenue next year.
"We tried to keep the rate as steady as possible by running the 1.37 % increase instead of recouping the full amount. We're still able to balance our budget with that amount of levy."
Overall property values in the city will drop by 7 million dollars, with four million of that due to the re-assessment of the former Case Plant, now called the River Eagle development.
"When the tax increment financing district was created, when they bought that property, they did not get their assessment re-done. It was assessed at $6 million and they actually bought the property for around $2 million. So that property should have been assessed lower."
The slightly higher levy will mean the owner of a 150,000 dollar home will pay an additional $15 to the city next year, but it'll be less if their property assessment has been lowered.
After discussion tonight, Petersen says East Moline aldermen will give final approval to the new tax levy next month. Cities and other taxing bodies in Illinois must submit their levy proposals to their county clerk by the end of December.