Aldermen in Monmouth approved the 2021-22 Property tax levy at their meeting Monday night.
This year’s levy is for $2,416,500 which estimate to be about $2.78 for every $100 of assessed value.
The levy is based on an equalized assessed valuation of $86.4 million, an increase of nearly $3 million from the year before.
The majority of the levy, 69 percent or $1,666,500, is funding the city’s portion of the public safety pension. The levied amount does not include the employee’s mandated contribution to their respective pension funds.
The remaining destinations for the levy are for debt service, used to pay for a small amount of the city’s general obligation debt. That equates to 16..5 percent of the levy, or $400,000.
The other designation is the general fund that will go towards police, fire, and city hall employees and equipment-related expenses. That amount is $350,000 or 14.5 percent of the levy.
In other action from Monday, an agreement between the City of Monmouth and a real estate developer to build townhouses on Kimberly Drive has been extended till April 30th.
The original agreement between the Monmouth Townhomes LLC development and the city gives the developer an extra four months to proceed with the required steps needed for the design and funding acquisition.
The Monmouth Townhomes LLC was awarded federal tax credits from the Illinois Housing Development Authority Board in July for the project that will see 44 units across 10 one-story and 12 two-story duplex buildings.
Also from Monday, the council set a public hearing date for 5:00 pm on January 4 at City Hall for the proposed third Tax Increment Finance District in the Maple City, this one over a large portion of Main Street.
The establishment of the TIF district would allow the city to expand its Commercial Building Rehabilitation grant to Main Street properties.
