The Village of Schaumburg implemented its first property tax in 2009 and since then has reduced the levy each year. The 2016 levy was kept exactly the same as 2015 to give the Village some flexibility due to the State of Illinois budget impasse.
Property taxes are used to pay a portion of day-to-day Public Safety operations such as Police, Fire, and Emergency Medical Services. It is also used to pay Principal and Interest on bonds sold to fund infrastructure improvements and leverage federal grant funds available through the American Recovery and Reinvestment Act; and Police and Fire Pension obligations. The levy was restructured this year to help the Village prepare for pending legislation proposed at the State level, so residential refuse collection and disposal is covered by a transfer from the General Fund.
The village’s property tax rate is derived by taking the total levy divided by the total Equalized Assessed Valuation (EAV) of all real property located within village limits. EAV is determined by the Office of the Cook County Clerk. The EAV for 2016 went down 10% from 2015 which is why the rate increased even though the levy remained constant.
More information about Cook County taxes can be found at http://www.cookcountytreasurer.com