Oswego Approves Lowest Property Tax Rate Decrease On Record

OSWEGO, IL — Oswego residents will soon see a 5 percent drop on their property tax bills, the lowest tax rate decrease on record in the village, officials said.

The Village Board approved Nov. 19 a tax levy, or the amount of property taxes collected, of $1,842,240 (for a rate of $0.13222), which represents a 5 percent tax rate decrease for all Oswego properties.

It's the lowest tax rate for the village on record since 2007, when the rate was $0.13370.

"It's incredible we are able to reduce the Village's property tax rate to the lowest rate in our Village's history," Village President Ryan Kauffman said. The Village Board is keenly aware property taxes are a burden for our residents, and we remain committed to identifying opportunities for relief. I'm extremely proud our prudent financial management allows us to cut the tax rate again this year."

The village's overall equalized assessed value, or the total value of properties in Oswego, increased about 13 percent in the last year. Officials credited the growth to new development. A house valued at $265,840 last year would be valued at $300,400 this year, staff gave as an example.

With increased property value, the property tax increase year over year is $125,986.

Receiving 1.59 percent, or less than 2 cents of every dollar, the Village of Oswego sees the second-smallest share of property taxes of any taxing district in town. Oswego Community Unit School District 308 receives the largest with 67.03 percent.

The village prioritizes capital investments including water infrastructure, road maintenance and improvements, as well as investing in the village's Police Pension Fund, which officials said reduces long-term liabilities, according to a news release.