City proposes reduction of property tax levy
ROCKFORD — The City of Rockford Finance Department has asked a council committee to consider a proposal to reduce the property tax levy.
The proposal is to cut the 2017 levy to fund 2018 operations by $406,512, which would represent the fifth consecutive year the has either reduced or kept its levy flat. The city has estimated the reduced levy will also result in a reduction in its property tax rate.
City Finance Director Carrie Eklund outlined the property tax levy information in a memo presented to the Finance & Personnel Committee for its Nov. 27, meeting. A finance task force of volunteers and appointed aldermen also has been working with city staff since June to develop recommendations to help the city close an expected $10.2 million 2018 budget deficit.
The task force is expected to make its budget recommendations to city council in December. Mayor Tom McNamara says he and his leadership team are committed to reducing property taxes to minimize the impact on property owners.
“The proposal we are presenting to the City Council holds the line on our property tax levy for the fifth straight year and is a reduction from last year,” he said. “I supported this type of fiscal responsibility during my time on the City Council and it’s important we continue to be good stewards of tax dollars.”
The city is levying approximately $585,000 less than what is allowed under Property Tax Extension Limitation Law (PTELL). The total city levy is a reduction of $406,512 from the 2016 levy.
Based on the proposed levy reduction, the city’s property tax rate is estimated to be reduced from 3.8454 to 3.8290. R.