When the Village Board approved the referendum question, they made assumptions based on the very best information available. One assumption related to the cost of interest in order to borrow project capital funds. We were able to estimate that if the Village moves forward with the project, the approximate impact on property taxes due to construction and operating costs is an increase of $44 per $100,000 in assessed property value. The $44 estimate included those initial interest cost assumptions.
However, recognizing that interest rates are increasing, the Village asked our professional financial advisors to reconsider the interest rate assumption and the property tax impact estimate. Their revised estimate is that the impact on property taxes is an estimated increase of $53.75 per $100,000 in assessed property value. For example, if your property is worth $350,000, the estimated property tax increase would be $188.13 ($53.75 x 3.5).