EAST PEORIA, Ill. (WMBD) — East Peoria city council is sticking to the status quo as commissioners voted Tuesday night not to raise the base level tax on property owners.
During Tuesday’s council meeting, Mark Hill, the city’s commissioner of accounts and finance, said the council considered two options when establishing the property tax levy: a minor increase in the city’s tax amount or holding the city’s property taxes equivalent to what it has been. Council members chose the latter.
“For East Peoria residents what that means is that we did not raise our base level tax on properties,” Hill said.
Hill said the tax rate would be at 1.23447 which is as close as they could hold it to the previous years. However, he said taxes can still increase in other areas as there are ten taxing bodies in the city.
“If you live here in the city of East Peoria, from the schools to the library, to the roads and bridges, looking at all of those the city is a small portion,” Hill said. “But the city has held its tax amount consistent, rate equivalent, for over 20 years. So the impact to the citizen is that the city is not raising the taxes even though for East Peoria properties your taxes may be going up.”
He said for homeowners looking at their tax bill, they shouldn’t really see an increase in the city corporate tax.
“The city has taken pride at, in over 20 years, it has done the rate equivalent and tried to hold the amount that citizens paid to the city’s tax rate equivalent and part of their strategy has always been the alternate revenues,” Hill said.
He said alternate revenue sources that have helped the city keep its tax rate the same are the funds coming from the business district and the levy district.
In other finance news, the city also voted to have short-term rentals like Airbnb’s pay similar taxes to hotels and motels.
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