Property Tax Breaks On The Way For Some Manhattan Homeowners

Manhattan IL

18 February, 2022

3:27 PM

Description

MANHATTAN, IL — Homeowners in the Stonegate subdivision in Manhattan will see a tax break on this year's property taxes thanks to some financial restructuring of the subdivision's Special Service Area bonds, according to Village Finance Director Glenn Gehrke. An ordinance passed in January by the Manhattan Village Board of Trustees authorized those bonds to be refinanced if the annual SSA payment was reduced by 15 percent or more. The refinance is expected to reduce the SSA tax by more than 23 percent, Gehrke said. Stongate homeowners of a single-family home should see average annual savings of $630, duplexes $479, and townhomes $334, depending on the property's individual equalized assessed value, according to information provided by the Village. For additional questions, visit the Village of Manhattan website or call Village Hall at (815) 418-2100.