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Property taxes help fund about 72 percent of the Lake County General Fund, one of the 51 individual funds of the Lake County Budget. Other General Fund revenues come from state sales taxes and revenue sharing, federal and state grants, court fines and user charges such as animal adoption fees.
This year, new property tax reform legislation required all local governments, with the exception of the School Board, to reduce their tax revenues on property (excluding new growth) by zero to nine percent. Tax levies for voter approved debt were not affected by the new legislation. What this means to the taxpayer is a reduction in the millage rate being charged by each local government, excluding the School Board. Local governments may override the revenue cap by a super-majority vote of the board or a referendum, in which case the taxpayer may not see a decrease in millage. The bill also caps future property tax revenue increases by a factor for new construction and personal income growth. Lake County was required to reduce their ad valorem taxes for ambulance services by three percent and reduce all other ad valorem taxes, except voter approved debt, by nine percent.
Lake County levies four property taxes (ad valorem taxes): (1) Countywide 4.7548 mills; (2) Lake County Ambulance District MSTU 0.4651 mills; (3) Stormwater, Parks and Roads MSTU 0.4984 mills; and Voted Debt Service for environmentally sensitive land 0.20 mills. The homeowner of a $100,000 home with a $25,000 homestead exemption would pay $444 per year ($37 per month) with the above millages imposed by Lake County. This is a $71.70 or 14% reduction from last year.
What could you buy for $37.00 per month?
ONE of these:
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One month of cable service
Two months of dial-up service with an internet provider
One month at the gym
Movie and snacks for a family of four
Three compact disks
Dinner for two
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One hardcover book
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OR ALL of these:
- 24-hour safety law enforcement and jail
- Well-groomed parks and outstanding library program
- Safe, inspected structures
- Well-planned, zoned county
- Economic development of your county
- Mosquito, noxious water plants, and animal control services
- Assistance to low income residents
- Agricultural Education
- Professional Management
- Courts, property appraisals, tax collections, and elections.
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Call or E-mail us for a copy of the national award winning brochure
Citizen’s Guide to Lake County’s Budget
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