Oswego property owners will see a 5% decrease in the Village of Oswego’s property tax rate on their upcoming tax bills.
November 19, the Village Board approved a tax levy (total amount of property taxes collected) of $1,842,240 or a rate of $0.13222. This represents a 5% decrease in the Village’s tax rate for all properties within the Village. It is the lowest tax rate for the Village of Oswego on record since 2007 when the rate was $0.13370.
“It’s incredible we are able to reduce the Village’s property tax rate to the lowest rate in our Village’s history,” Village president Ryan Kauffman said. The Village Board is keenly aware property taxes are a burden for our residents, and we remain committed to identifying opportunities for relief. I’m extremely proud our prudent financial management allows us to cut the tax rate again this year.”
The Village’s property taxes are among various revenue sources that support the Village’s operations. Over the past two years the Village has managed to achieve surpluses of $3.6 and $5.6 million through a combination of reduced expenditures and strong revenues in the general fund.
The Village continues to prioritize capital investment including water infrastructure, road maintenance and improvements, as well as reducing long-term liabilities by strengthening investment in the Village’s Police Pension fund.
The Village’s overall equalized assessed value, the total value of properties within the Village, increased approximately 13% over the previous year, due in part to new development within the Village. Since property values increased, a home valued at$300,400 this year would have been valued at $265,840 last year. Due to increased property value, the property tax increase year over year is $125,986.
—Village of Oswego