Quincy residents could pay less on property taxes this year
QUINCY (WGEM) - The city is proposing an estimated rate of about .96%. Mayor Mike Troup said this is a rate decrease.
The last significant decrease was back in 2002. This proposed rate will be the lowest it’s been since before 1979.
Troup said they can make such a proposal because of the surplus in revenue the city is bringing in from personal property taxes, green energy, gambling, equalized assessed value growth and pension investments.
”Going forward a year or two or three down the road, we might not be sitting in a situation where we have the ability financially to do this without having to look at either an increase or a reduction in the size of government,” Jeff Bergman said. “I’m not going to vote for an increase of property taxes.”
”We believe we’re going to maintain it closer to that .95-.96 level for the next several years. Now if we had a COVID-like shutdown that nobody knew about before it happened, that can throw all this stuff off,” Mayor Mike Troup said.
This is just the second reading of the ordinance, so aldermen took no action Monday night.
Troup said it will go before the council for the third time next week where aldermen will make their decision on its adoption.
Troup said once aldermen make their decision on whether they will adopt this ordinance, it will still have to go before Adams County Board.
He said the city does not set the property tax rate. The county calculates the final rate based on the levy request and an equalized assessed valuation.
The council also approved a resolution to allocate Small Rental Rehab Project funds, for 5 projects. The program aims to develop new or rehab old properties to increase housing in the city.
Aldermen also gave the green light to the city to apply for more than $1.8 million for motor fuel tax funds under the Illinois Highway Code for next year’s street and highway maintenance.
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