Title
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Adoption of the Property Tax Levy Policy
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Introduction
overview
Adoption of the Property Tax Levy Policy.
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Recommended Action
To approve the motion to adopt the Property Tax Levy
Prior Board Action
There is no prior board action associated with this specific item.
Background
In 2018, the Village Board established an informal policy to cap the annual levy increase at 3%. The proposed property tax levy was discussed at the Finance Committee meeting held on July 30, 2025. The proposed property tax levy policy is intended to provide a transparent and structured process for future budget cycles. The Committee considered a draft policy, provided feedback, and the attached policy reflects those Committee recommendations to be presented to the Board for a vote.
Timing Considerations
There are no timing considerations associated with this item.
Budget Impact
The property tax levy is the basis for budgets.
Staffing Impact
There is no staffing impact associated with this item.
DEI Impact
There is no DEI impact associated with this item.
Community Input
There has been no community input given in relation to this item.
Staff Recommendation
To approve the motion to adopt the Property Tax Levy
Alternatives
Alternative 1:
Alternately, the Board could delay adoption of the policy and provide additional direction to staff on the process regarding preparation of the property tax levy.
Advantages:
* ?This action may better align the Policy with the Board's stated affordability and transparency goals.
Disadvantages:
* ?This action may delay implementation of the process and cause confusion about procedures going into future budget cycles.
Alternative 2:
The Village Board could also maintain the status quo.
Advantages:
* ?This action allows the Board more time to consider its options regarding the budget process for future budget cycles.
Disadvantages:
* ?This action may delay implementation of the process and cause confu...
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