The real estate tax levy for the Police Pension Fund in Norridge will increas by $500,000 in the upcoming year, costing the average homeowner between $50 and $70 more annually.
The Village Board voted Nov. 13 to set the tax levy for this year at a rate of $2,117,467. Last year, the village levied $1,600,000 for the pension fund.
The unanimous board vote followed a valuation by Lauterbach and Amen, an actuarial firm hired by the Police Pension Fund Board. Representatives from the firm were present Nov. 13 for a public hearing allowing residents the opportunity to ask questions, but no major concerns were raised, said Village Board member Jack Bialek.
Representatives of the Lauterbach and Amen firm did not return calls for comment on their valuation.
Village Administrator Joanna Skupien said that for the median value home, residents can expect to pay about $70 more per year toward the levy. Bialek said the annual increase will be closer to $50 to $60.
“All of it is completely dedicated to the police pension fund,” said Bialek of the increased rates.
He said that the increase is in part to do with a state mandated funding threshold that the village must reach.
The new tax levy will go into effect with the new budget for the fiscal year running from May 1, 2019 to April 30, 2020.
The $2.1 million levy makes up a large portion of the village’s total budget for the year. The budget, which is divided into five funds: the General Fund, the Water Fund, the Motor Fuel Tax Fund, the Wireless 911 Fund and the Police Pension Fund, and totals $23.5 million.
