Oswego Village Board Cuts Property Tax Rate By Half-Percent

Oswego IL

25 January, 2022

11:30 AM

Description

OSWEGO, IL — For the third consecutive time, Oswego residents will see a decrease in the property taxes they pay to the village. Village trustees announced on Monday a one-half percent decrease in the village's property tax rate. The new property tax levy in Oswego is $1,668,111, or a rate of 0.1504 per $100 of assessed value. Oswego property owners will notice the decreased rate — the lowest since 2011 — on their upcoming tax bills, officials announced. In 2020, Oswego's rate was $0.1511 per $100, Patch reported. "Fiscal responsibility is our top priority," Village President Troy Parlier said in a statement. "We know property taxes across all Oswego's units of government are a burden for our residents. It is important for the Village Board that we take whatever steps we can to reduce that burden." RELATED: Recent Audit Shows Oswego To Be In 'Good Financial Condition' In 2021, the village collected $1,715,309 in property tax revenue, Patch reported, up more than $130,000 from 2020, when Oswego brought in $1,581,654 from property taxes. The total value of properties in Oswego, known as overall assessed value, has increased more than 9 percent in the previous year, in part as a result of new development within the village, officials said. According to village officials, the current fiscal year is trending in the same direction as the previous two years, when the village had surpluses of more than $2.5 million each year as a result of reduced spending and strong revenue. Officials said they're prioritizing capital investment, including road maintenance, as well as strengthening investments in the police pension fund.