SUGAR GROVEâ€”The Sugar Grove Public Library District residents’ current property tax rate is 9.4 cents per every $100 of equalized assessed valuation.
The proposed operating budget for 2010, which is based on the current tax rate, is $505,936.
Library Director Beverly Holmes Hughes on July 8 made a presentation before the Library Board that outlined the impacts of a hypothetical operating-fund referendum.
If voters approved a referendum increasing the tax rate to 20 cents per $100 of equalized assessed valuation, operating budget revenue would increase to $1.1 million.
According to Hughes’s presentation, a tax-rate increase to 20 cents would raise the annual property tax bill for the owner of a home valued at $250,000 by $44.
Hughes said that if the district held a successful referendum this November, the 2011-12 library budget would include the additional tax revenue. However, if the district waits until next spring to hold a referendum and voters approve it, the additional tax dollars would not be available to apply to the budget until 2012-13.