No village tax hike for Plainfield property owners

Brock A. Stein | 10/28/2014, 2:29 p.m.
Despite a small drop in equalized assessed valuation for the village overall, the loss can be absorbed by the budget ...

Thanks to cost-saving measures, Plainfield residents won’t see an increase on the village’s portion of their property tax bill next year.

Despite a decline in equalized assessed valuation (EAV) for village property, the proposed tax rate will stay the same it was in 2013, village staff said.

That rate is .4669 per $100 EAV, with the village levying $5,486,100 in total to provide services.

Residents with a home valued at $250,000 will pay $361 for the village’s portion of their property tax bill. The bill, however, could go up or down if the property's assessed valuation was increased or decreased by the township assessor; if there's no change, next year's bill should be identical to what was paid this year..

Property values are starting to stabilize after losing about 18 percent of value since 2009, said Traci Pleckham, director of management services for the village.

Even with a projected 2 percent loss in EAV, Pleckham said Plainfield’s improved financial outlook means a loss of just under $300,000 can be absorbed by the village’s corporate account.

The village will increase payments to its police pension fund by $50,000 and its tort immunity/workers comp fund by $130,000.

Pleckham said the dollar amount levied is set higher to ensure the village can maintain the tax rate, though the amount will be lower when property values are calculated by Will County in March 2015. The village board will hold a Dec. 1 public hearing on the tax rate and levy amount and will approve them by Dec. 15.

Village Administrator Brian Murphy said that keeping the levy the same has been the goal since initiating efficiency and cost-saving measures in 2009. The work has meant the village can “pass along the savings back to our residents,” Murphy said.

“We’re in a pretty good position at this time,” he said.

Trustee Jim Racich praised the cost savings and the services that residents get while paying less than 5 cents per dollar in taxes.

“It’s efficiency beyond belief,” Racich said.

Contact Brock A. Stein at Brocknewstips@gmail.com and follow him on Twitter at @brockastein.