Following the release of expected increases in property values from the County Assessor’s office, the Innsbrook Board of Trustees voted to decrease their tax rate for 2024 at their Aug. 27 special meeting.
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Following the release of expected increases in property values from the County Assessor’s office, the Innsbrook Board of Trustees voted to decrease their tax rate for 2024 at their Aug. 27 special meeting.
A public hearing was held before the special meeting to allow for any discussion of the tax rate, and although there were citizens present at the meeting there was no discussion on the decrease to the tax rate.
The board approved a tax rate for 2024 of $0.1238 per $100 of assessed value, a decrease from last year’s rate at $0.1272 per $100 of assessed value.
The decrease came as the village saw a roughly $2.4 million increase in total property values from just over $79 million in 2023 to roughly $81.6 million in 2024.
“My understanding of the reason for that reduction in percentage, … It’s because of the increase in properties, the valuation of properties in the Village of Innsbrook,” said Board Chairman Dan Reuter.
Due to the increase in valuation, even with the decrease in the tax rate, the village will still see a marginal increase in revenues.
The village expects to raise $98,255 in property taxes in 2024, an increase of just over $2,500 from the previous year.
