Real Estate
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.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
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.
For more news from Lake Forest and Lake Bluff, make sure to "like" us on Facebook!
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
