Hinsdale set to approve $8.6 million tax levy
Updated: March 15, 2013 11:55AM
HINSDALE — The Hinsdale Village Board was expected to approve an $8.6 million property tax levy, after abatements, Dec. 11, up 3.66 percent from a year ago.
Property owners should not conclude, however, their individual property taxes will go up by that amount, Assistant Village Manager Darrell Langlois said.
Within that increase is included new construction that comes on the property tax rolls.
In addition, the assessed value of a piece of property may go up or down, which means the owner’s tax bill may rise by more or less than 3.66 percent.
“There are two different numbers that affect how the tax burden gets allocated,” Langlois said.
Property taxes constitute roughly 21 percent of the village’s approximately $41 million annual budget, Langlois said.
The amount of money to levy to fund the police and firefighter pension funds has been disputed by those pension fund boards.
The boards filed a complaint against the actuary who prepared the funding recommendations for Hinsdale, saying the tables he used to estimate mortality rates were outdated and inaccurate.
The Police Pension Fund requested the village contribute about $1 million in property taxes, but the village instead will levy $728,000. The Firefighters’ Pension Fund said about $959,00 was needed to properly fund the pension. The village levy includes $649,000 for the firefighters’ pensions.
Village Trustee Doug Geoga, who chairs Hinsdale’s Administration and Community Affairs Committee, said last week, “We have had the opportunity to carefully review materials supplied by the police and fire pension boards and their actuarial advisors and a report from the Illinois Department of Insurance regarding the fire levy.”
Geoga reiterated he felt comfortable the village was fulfilling its duties.
“We have a two-part process. We do a levy that is intended to recognize a middle-of-the-fairway interpretation of our statutory and fiduciary responsibilities and that is the basis of the levy,” he said. “Then (during) the budget process in the spring, we will consider again whether we have the opportunity and wherewithal to make additional discretionary contributions.”