Skokie's 2010 Tax Levy Marks 20th Year of Property Tax Freeze Low Debt-to-Operating Budget Shows Further Fiscal Conservancy
The Skokie Village Board is considering a 2010 property tax levy that is identical to the Village's 1990 levy, marking the twentieth consecutive year of the Board's self-imposed property tax freeze. The 2010 tax levy presented to the Village Board on December 6 for first consideration amounts to $15,456,695, which is identical to the 1990 levy. Approval is expected at the December 20, 2010 Village Board meeting.
"The Village Board instituted what was to have been a five-year property tax freeze in 1991. Due to prudent budgeting and pro-active economic development, the Village has been able to sustain the property tax freeze for 20 years," commented Mayor George Van Dusen. "In 1990, the Village's share of an average Skokie property tax bill was 15.22%. In 2009, the Village's share was an average 7.32%. This has been sustained through austere financial times, without an impact on Skokie's excellent municipal services. I commend my Village Board colleagues and Village staff for their hard work to continue Skokie's property tax freeze in light of challenging economic times."
Without a property tax freeze, annual increases could have mirrored changes in the consumer price index. Had the Village of Skokie adjusted its levy annually for inflation since 1990, the 2010 levy would have been $26,207, 072, which is $10,750,377 higher than the actual 2010 levy of $15,456,695. It also equates to a nearly 70% increase over the 2010 levy, and would have resulted in an average $315 increase to the average annual residential property tax bill.
"Another indicator of the Village's fiscal responsibility is Skokie's low debt-to-operating budget ratio as outlined in a recent report by the Cook County Treasurer's Office," explained Village Manager Albert J. Rigoni. "Debt ratios are important in obtaining advantageous municipal bond ratings. Skokie's very low ratio of 56.89%, or $1005 per capita is a key factor in Skokie obtaining a Aaa rating from Moody's and AAA rating from Fitch, the highest ratings available from both bond rating agencies."
Skokie's low $1005 per-capita debt ratio places the community in 39th lowest place out of a total 483 other Cook County governments included in the report. According to the data, some 92% of Cook County units of government, including municipalities, schools, park districts and other special taxing districts, have higher debt-per-capita ratios than the Village of Skokie.
For more information on Skokie's portion of property taxes visit www.skokie.org.
