How Will Kenilworth’s Bond Referendum Impact Taxes?

Kenilworth residents will decide if the village could issue $9.75 million in bonds for infrastructure improvements during the April election.

The proposed bonds would fund the first phase of infrastructure improvements and would repair sewer, water and roadway infrastructure, with a priority on reducing basement flooding and improving fire hydrant flow capacity, according to village’s website.

If voters approve the bond referendum, the average taxpayer could see a 2.83 percent increase to their property taxes, assuming a bond term of 20 years at a rate of 2.7 percent, consistent with bond rates achieved by similar communities, according to the village’s website.

If the worst-case bond rate of 4 percent was assumed, property taxes would increase 3.21 percent, according to the village website.  

Here’s a look at how that impacts current property tax bills:

Tax Bill           

Projected Annual Increase at 2.83%

Projected Annual Increase at 3.21%

$10,000 

$283

$321

$15,000

$425

$482

$20,000

$566

$642

$30,000

$849

$964