Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Tax topic
No spam. Unsubscribe anytime.
Staff says city EAV rose 5.66%; city portion remains roughly 20% of total tax bill
Summary
Presenter reported Galesburg’s estimated 2025 equalized assessed value (EAV) increase of 5.66%, explained how multiple taxing bodies set rates, and showed options to set the city’s levy to partially offset value-driven tax increases for homeowners.
City staff presented an estimate of the city’s equalized assessed value (EAV) for 2025 and described how levy and rates are set across multiple taxing bodies.
S2 said the estimated EAV for 2025 is $4,622,000,000, an increase of 5.66% over the prior year, and reminded council that the city’s portion makes up roughly 20% of a typical taxpayer’s total property-tax bill; school district 205 was identified as the largest taxing share. "If we reduce the rate slightly, people won't get hit with that full 5.66," S2 said when explaining that using assessed-value growth can allow a small rate reduction while increasing extension dollars.
Staff offered example calculations showing how different levy options would affect the rate and a homeowner with a $100,000 house, and reminded council that truth-in-taxation procedures apply if the levy increases more than 5% in rate or dollars.
