To keep paychecks and pension contributions on track for employees, next year Rock Island County residents will pay higher property taxes. After rejecting the proposal once, last night, the county board narrowly approved a 16.8 percent tax hike.
Auditor, April Palmer, says the tax increase will bring in $3.7 million next year. But, most of that will pay the county's portion of social security and the Illinois Municipal Retirement Fund. For 20 years, the county has not collected enough money for those accounts. Bills calculated with the new tax rate will be mailed out in June.
In the past, the auditor says Rock Island County departments paid salaries and retirement expenses out of their own budgets. From now on, retirement contributions will come from the appropriate levy fund.
Palmer says the increase will cost the owner of a $100,000 home about $38 more in property taxes next year. Rock Island County is only responsible for 8 percent of total property tax bills. And the board could lower the tax rate after the funds are replenished.
The county board also approved next year's budget of $28 million.