Wheaton City Council Monday had its first reading of the proposed 2012 tax levy of about $23 million.
The passing of a tax levy abatement ordinance would reduce the overall levy to about $18.7 million, down about .1 percent from last year's levy, costing taxpayers 98 cents per $100 of equalized assessed valuation (EAV).
The amount due for a resident with a $400,000 house would be $1,307, the amount due for a resident with a $300,000 would be $980 and the amount due for a resident with a $200,000 house would be $653.
About $15.3 million is levied for general purposes and $7.7 million for debt services. The proposed ordinance would abate $4.2 million of the debt service levy, reducing the debt service levy from $7.7 million to $3.4 million.
The $4.2 million abatement represents tax increment financing (TIF) debt of about $3 million that will be paid from incremental revenue generated in the city's TIF districts, according to a city staff memo. The remaining $1.2 million will come from refunding the city's library bonds from 2004.
Wheaton Finance Director Robert Lehnhardt told City Council at a planning session earlier this month the impact on the taxpayer is based on the equalized assessed value (EAV) of their property. The majority of property owners shouldn't see significant changes to the city portion of their tax bill, he said.
The levy is "relatively the same" to the 2011 levy, he said.
Council will vote on the levy at the Dec. 17 meeting at City Hall, 303 W. Wesley St., Wheaton.