Sycamore to hold public hearing on levy
SYCAMORE – Sycamore residents will have a chance to weigh in on a $2.6 million property tax levy Monday during a public hearing at the Sycamore City Council meeting.
Should the council decide to hold the levy at $2.6 million, it will be the third year in a row with a freeze in place though the tax rate will increase to make up for the significant loss of property value in the city. The Equalized Assessed Value, which measures the total value of property in the city, is expected to drop from $410 million to $371 million.
The loss in property value means residents will pay the highest tax rate since 2005 at 70 cents per $100 of EAV, which will result in about $1.20 increase in the city portion of property tax bills for the average homeowner.
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