2024 Property Tax Levy Plan with Zero Property Tax Increase

Sugar Grove Approves 2024 Property Tax Levy Plan with Zero Property Tax Increase

Village Prioritizes Financial Responsibility, Maintains Tax Levy, Supports Quality Services for Residents

Sugar Grove, IL – The Village of Sugar Grove's Village Board unanimously approved a 2024 property tax levy plan committed to no property tax increases for residents.

“Thanks to diligent budget management, financial planning, and revenue from other sources, Sugar Grove can keep property taxes the same for our residents. This marks the first time in the past 25 years that we have achieved a zero percent levy increase for our existing residents,” said Sugar Grove Village President Jennifer Konen.

The Village of Sugar Grove Board gave its stamp of approval to this fiscally responsible property tax levy plan for Tax Year 2024 during a Village Board Meeting held on Tuesday, December 5, 2023. Notably, this plan approved a 2% property tax increase, only to capture property taxes on New Construction. There is no Village property tax increase for its existing residents.

The proposed property tax levy for the upcoming year in Sugar Grove stands at $1,973,246. These funds will support essential functions that ensure the well-being of our community through police protection, insurance coverage, pension contributions, audits, street lighting, and administrative operations. This proposed levy excludes $846,813 in bond principal and interest, which the board recommended be abated, signifying that homeowners may not be required to contribute property taxes specifically for covering these bond-related expenses.

The 2% increase overall is strategically targeted at capturing additional revenue from new construction within the Village that has occurred over the past year. This approach allows the Village to strengthen its finances through new construction revenue without burdening existing homeowners with higher property taxes.

For Immediate Release: Media Contact:

December 5, 2023 Meredith Krantz

(630) 947-2385

meredith@krantzstrategies.com

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