The village board voted to adopt a 2012 property tax rate of $0.278301 per $100 valuation.  The rate is equal to the rollback rate.  Adoption of a tax rate exceeding the rollback rate requires voter approval.

Revenues from $0.239763 per $100 valuation will be dedicated to maintenance and operations of the village, while the revenues from the remaining $0.038538 per $100 valuation will be dedicated to making payments on the village’s bonded indebtedness.

The village will maintain a local option exemption of 20 percent of assessed value, with a minimum of $5,000 to be exempted from taxes.  The village also provides a $10,000 exemption on assessed values for residents over the age of 65 or disabled.

The board voted to approve a three percent pay raise for all full time employees, effective October 4.

The board voted to approve a $50 per month increase for the city attorney’s salary.

All items were approved.  All votes were unanimous with Alderman Tim Rainey absent.  Agenda