Why would Village taxpayers receive a larger reduction in property taxes compared to City taxpayers?
While it is true that the proposed plan would result in larger property tax savings for Village property owners, a large portion of the tax relief for Village taxpayers is proposed to be provided by the use of Village utility reserves. These utility reserves were paid in by Village sewer and water customers, most of who are also Village taxpayers. The proposed plan provides City taxpayers with a reduction in property taxes that is in proportion with the projected annual savings of $331,000 per year.
