MP Village Board approves 2013 tax levy
MAPLE PARK—The Maple Park Village Board on Tuesday voted 5-0 to approve the village’s tax levy for the fiscal year commencing May 1, 2013, and ending April 30, 2014.
The total extension of the 2013 levy is $203,518, with a tax rate of 0.8096. Last year’s levy was $199,696, with a tax rate of 0.7131. According to a village document, the largest factor of the increase in rate is the decrease in Equalized Assessed Value (EAV).
The document states that the assessed valuations last year decreased from $31 million to $28 million (a decrease of 10.4 percent). This year, assessed valuations decreased from $28 million to $25 million, or a decrease of 10.23 percent.
“The village of Maple Park’s budget is frugal; the village relies on property taxes,” said Maple Park Village President Kathy Curtis. “The annual tax levy provides the revenue needed to provide services. The tax levy is formula based on assessed values. The village is only requesting of residents what it needs to operate.”
Per the village document, a home with an assessed value of $64,500 (EAV of $193,500) last year would pay approximately $9 more in village property taxes this year.