Wheaton City Council on Monday will review the staff's proposed 2011 property tax levy of $18,581,736 after abatements, a .7 percent decrease from last year's levy.
The ordinance levies a total of $21,442,812, of which $15,092,136 is levied for general purposes and $6,350,676 is levied for debt service. The included tax levy abatement abates a portion of the debt service tax levy. The abated tax amount represents the amount to be paid from incremental revenue generated from TIF. The abatement, $2,861,076, reduces the debt service levy from $6,350,676 to $3,489,600.
The resulting levy is $18,581,736.
The general purpose levy includes general corporate funds, library funds, and police and fire pensions. The general corporate amount is $8,977,396. The library amount is $3,400,000. The police pension amount is $1,782,779. The fire pension amount is $931,961.
The levy would produce an estimated tax rate of $.9097, an increase from the 2010 rate of $.8631. The rate increase is due to a projected 5.8 percent decrease in the city’s equalized assessed value (EAV).