Lake County Gazette

The Libertyville Village Board opened up a public hearing for its 2022 tax levy.

Since the Village's levy increases in excess of 105% of the previous year's extension, a truth-in-taxation hearing is required by law and must be advertised.

“The public hearing, which this is concerning the proposed tax levy, allows taxpayers an opportunity to provide comments,” Donna Johnson, mayor of Libertyville, said at the Village's Nov. 22 board meeting.

The Village had already accepted the proposed tentative tax levy at a previous meeting. The levy is an annual tax credit that the Village takes to fund the various aspects of the municipality. The board approved a corporate levy of $7,547,403 for 2022.

The proposed 2022 levy is a 9.411% increase from the previous year’s levy. The Village had to hold a public hearing on the levy because it is requesting more than a 5% increase from the previous year. The 9.411% includes the tax-capped 5% of CPI plus the expiration of the downtown TIF district that adds additional revenue to be collected. The village will collect $12,333,956 for total tax levy in 2022, which will translate to just under a $9.5 million extension after the debt service abatements. The impact on a $500,000 home will be an additional $27 for the year. The Village portion of the taxpayers' total bill is approximately 9%.

There were no residents who spoke at the public hearing.