How Will Kenilworth’s Bond Referendum Impact Taxes?
The impact of borrowing $9.75 million is expected to result in a 2.83 percent increase to property taxes.
Kenilworth residents will decide if the village could issue $9.75 million in bonds for infrastructure improvements during the April election.
The proposed bonds would fund the first phase of infrastructure improvements and would repair sewer, water and roadway infrastructure, with a priority on reducing basement flooding and improving fire hydrant flow capacity, according to village’s website.
If voters approve the bond referendum, the average taxpayer could see a 2.83 percent increase to their property taxes, assuming a bond term of 20 years at a rate of 2.7 percent, consistent with bond rates achieved by similar communities, according to the village’s website.
If the worst-case bond rate of 4 percent was assumed, property taxes would increase 3.21 percent, according to the village website.
Here’s a look at how that impacts current property tax bills:
|
Tax Bill |
Projected Annual Increase at 2.83% |
Projected Annual Increase at 3.21% |
|
$10,000 |
$283 |
$321 |
|
$15,000 |
$425 |
$482 |
|
$20,000 |
$566 |
$642 |
|
$30,000 |
$849 |
$964 |