The village's school district will ask voters to approve a combined income/property tax on the November ballot for operating expenses.
The 2.5 mill property tax would raise $222,431 a year and cost the owner of a $100,000 home an additional $88. The 1/2 percent additional income tax would bring in $391,359 annually and cost a household with a $50,000 income an additional $250 annually, district treasurer Mike Wade said.
Wade said the additional money is needed "basically because the district is low on finances."
He added carry-over balances are "going away" and, combined with state cutbacks and the increase in costs for utilities and supplies, the levy is necessary.
Wade said since 2010, the district dropped three property tax levies totaling about $550,000, in exchange for voters approving a 1-1/2 percent new income tax, which was estimated to bring in 1,095,000. However, the amount of money returned to voters through the dropped property taxes hasn't been offset by the new money raised by the income tax, Wade said. He added the previously passed income tax would've brought in more money had the economy not fizzled as it did.
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