Lombard board votes for first property tax freeze in more than 20 years
LOMBARD – The Lombard Village Board voted 4-2 to freeze property taxes for the first time in more than 20 years at Thursday's meeting.
Finance committee chairperson trustee Peter Breen introduced the freeze, which cuts roughly one quarter million dollars from next year's proposed Lombard property tax levy. Trustees Reid Foltyniewicz, Dan Whittington and Laura Fitzpatrick also backed the measure.
The Lombard Village Board has enacted cost savings measures in the past year, through a successful early retirement initiative and increased efficiencies in risk management policies and procedures, according to a news release from the village.
This year, the village will put about $1.8 million into its utility tax reserve, which provides a cushion for fluctuations in future costs and a source of funds for future tax relief for residents.
Lombard's annual budget is roughly $85 million. The village has about $46 million in assets and maintains full 25 percent reserves on its fund balances. The Lombard village property tax levy has increased from more than $4 million in 1992 to more than $6 million in 2002 to over $8.5 million in 2012, according to the release.