Village Board Approves Lower Tax Levy for 2012

The Frankfort Village Board voted unanimously to approve the 2012 tax levy for approximately $2.85 million at a board meeting on Monday evening.

The 2012 levy has an estimated tax rate of .3391 and represents a 4.16 percent decrease from last year’s levy of approximately $2.98 million, according to documents provided by the board.

Frankfort’s equalized assessed value decreased by 5 percent during the last year. The village also experienced a $9 million increase in new growth in 2012, documents state, although in past years the village has seen new growth increases as high as $30-40 million, according to Board Trustee Cynthia Heath.

Mayor Jim Holland said that every resident whose property value stayed the same or decreased in 2012 will see a lower tax rate this year.

The village tax levy makes up 4 percent of Frankfort residents’ total property tax bill.

The board also voted to approve an ordinance that will abate any taxes levied to pay the principal and interest on Series 1996B Bonds issued in previous years as part of the village refunding process, according to village documents.

A tax levy ordinance was also approved for the Sandalwood Lake Special Service Area. This levy for approximately $12,000 will divide the tax burden per lot, instead of on a basis of assessed valuation, documents say.

The board also approved a resolution directing the Will County Clerk on any possible tax cap levy reductions to be made in the corporate fund for the 2012 levy.

During the mayor’s report, Village Treasurer Demetrius Karos gave a presentation on the actuarial evaluation of the police pension fund.

Karos reported that the Frankfort police pension fund is 48 percent funded, meaning that the fund contains 48 percent of the total amount necessary to cover the pension’s determined liability.

Percent funding in nearby villages ranges from eight percent to 50 percent.

“Here in Frankfort, we actually have a pretty solid plan,” said Karos. “Investments are sound. We’re within the statutory guidelines.”

Frankfort police contribute approximately 10 percent of their pay to the police pension fund. In 2011, Frankfort residents paid $640,000 in tax dollars toward police pensions.

Also during the mayor’s report, Mayor Holland issued a proclamation declaring Dec. 8 to be Frankfort Falcons Day in the village, in honor of the youth football program’s 10-year anniversary.

Assistant Village Administrator Rob Piscia said at Monday’s meeting that residents can expect to see all intersections affected by the construction on Lincoln Highway re-open in the coming weeks.

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