City officials are expecting the property tax rate in Edwardsville to decline next year as total equalized assessed valuation rises.
The first reading was given Thursday during a finance committee meeting to the city’s tax levy ordinance for property taxes for the 2022-2023 fiscal year, which started May 1.
The city plans to levy $13,794,872, which is based on an estimated equalized asssessed valuation (EAV) of $977,321,316, a 4.9% increase. The 2021 actual EAV was $931,828,191.
The EAV is projected to result in an estimated tax rate of 1.4119 (city and library rates combined), a 0.3% decrease from the 2021 rate of 1.4162.
“This completes the budget and appropriation tax levy cycle,” said Finance Director Jeanne Wojcieszak. “This is the tax levy that will levy property taxes, which funds the appropriation ordinance that the city council passed back in May.”
She reminded the committee that, because Illinois levies property taxes in arrears, the taxes that are levied for 2022 but paid in 2023 are actually the operations expenses for 2022-2023.
“While the amount that we’re levying is a 4.9% increase from last year’s levy, because of that increase in EAV we don’t anticipate an increase in our tax rate,” she told the committee.
She invited the committee members to call her or meet with her later if they had any questions between Thursday and the next finance committee meeting.
The ordinance will go before the city council for first reading on Tuesday. It will return to finance committee on Dec. 15 and to the city council for second reading and a final vote on Dec. 20.
