The 2017 Sturtevant budget includes a 18 percent property tax decrease, hiring two new police officers and wage increases for village employees.
Most of the credit for the property tax reduction – from $8.92 per $1,000 in assessed value to $7.31 – goes to the closure of the village’s highly successful tax incremental financing district, most of which is located in the Renaissance Business Park.
Residents with a home valued at $150,000 paid $1,338 in village taxes this year. In 2017, that amount goes down to $1,096.50, a savings of $241.50.
Because the total value of the TIF – $222,114,400 – is roughly 40 percent of the village’s total value – $332,453,990 – the village gets 40 percent of the overage and can statutorily raise the tax levy by half, or 20 percent.
The proposed 2017 is $4.25 million, up from $4.1 million in 2016.
The village’s total value is now at $554.6 million, and the businesses within the TIF now pay property taxes to the village instead of to the TIF for infrastructure like sewer, water and roads, so tax rates are down for every property owner in Sturtevant, including businesses.
Village Administrator Mary Cole in her budget note to board members also noted that the TIF closure means Sturtevant can increase employee wages across the board to more competitive levels.
“This budget addresses wages for village employees,” she said at Tuesday’s board meeting. “We looked at neighboring communities to come up with the salaries we feel will make the village more competitive.”
Additionally, the village will add at least two new police officers in 2017; one in January and a second in July.
Cole anticipates more discussion at next week’s committee meeting about the Belle Urban System payment. Trustees have discussed not paying into the BUS with the 2017 budget, but a final decision hasn’t yet been made.
A statutorily required public hearing about the budget is scheduled for Nov. 15, and a special board meeting will most likely be scheduled for Nov. 22.