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FAQ Category: |
Taxes & Fees |
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Question: |
Do Schaumburg residents pay property taxes to the Village of Schaumburg? |
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Answer: |
On December 22, 2010, the Village Board voted to levy the first municipal property tax since incorporation in 1956. The tax is estimated to be 8.1% of the 2009 property tax bill. The amount will be billed on the second installment of the bill mailed by Cook County in 2010, probably around December. The Village of Schaumburg uses a mixture of sales tax, state income tax, hotel tax, food and beverage taxes and user fees to provide the additional funding required for police, fire, public works and other municipal services.
The Village has created several special service areas at the request of residents to fund infrastructure improvements in specific neighborhoods. These special service areas do have a property tax.
The Village does receive incremental property taxes from properties within its two tax increment financing districts. With tax increment financing districts, properties pay their normal tax bills, and a portion related to the increase in equalized assessed value due to redevelopment is forwarded to the Village to defray redevelopment costs. |
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