Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Shorewood board approves tax abatements for $14.2M and Series 2024 GO bonds; staff warns of large tax impact if not abated
Summary
Trustees approved ordinances to abate taxes to pay principal and interest on $14.2 million in Series 2021 bonds and the Series 2024 bonds; staff said not abating could increase a sample homeowner's bill by about 73%.
The board considered two ordinances to abate taxes to pay debt service on general obligation bonds: $14.2 million in remaining public works bonds (Series 2021) and the Series 2024 bonds. Finance staff described the abatement as routine housekeeping and said the guidance has been to continue the abatements as planned.
Finance explained the practical consequence of not abating: "If we opted to not abate the taxes and roll this into a property tax bill, it's about a 73% increase on property tax," staff said when illustrating the impact on a sample house. Trustees moved to approve and waive second readings for both ordinances; both motions passed by roll call.
