City's Tax Levy in Lake Forest Increases
The city's portion of resident's tax bills will go up 5.4% in 2013, though homeowners will feel a smaller impact.
The Lake Forest City Council unanimously approved a 5.44 percent increase to the municipality's 2013 tax levy at its Monday night meeting, according to The Lake Forester.
Because of new construction as well as property taxes from the recently-expired tax-increment financing (TIF) district coming back to the city, only 3 percentage points of the levy increase will actually affect the average property tax bill, The Lake Forester reports.
Therefore, the owner of a Lake Forest home with a current market value of $800,000 will pay $66 more in property taxes to the city than in 2012, according to the article.
The Lake Forest District 115 school board also approved a tax levy increase at their meeting on Tuesday. As with the city's levy, the District 115 levy will increase more than 5 percent, but, due to the same TIF expiring, will actually only result in about a 3 percent increase in property taxes for residents.
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