Norwood mayor proposes 20 percent property tax cut
By CRAIG FREILICH
NORWOOD -- Mayor Jim McFaddin says that when the village board of trustees meets with him on Monday, they will review a budget plan that reduces taxes by 20 percent.
“We had a fantastic year,” McFaddin said, explaining that the recent renovations to the municipal building and the village garage included significant energy conservation improvements that resulted in “tremendous savings.”Other measures he cites for the good financial outlook are the fact that village employees are only taking a one percent raise, and that the village has “hired part-time help to replace people who have retired.”
The property tax rate under his proposed plan will go down from $14.74 per thousand dollars of assessment to $11.64.
“If your home is assessed at $75,000 in Norwood Village you will pay $200 less in village taxes this year compared to last,” the mayor said.
The levy, which stood at more than $611,000 last year, looks to be about $496,000 this year.
And, McFaddin says, the fund balance will not be tapped, and in fact be increased, for contingencies and emergencies.
The village board will meet in public session Monday, April 8 in the board room starting at 10 a.m. to review the mayor's plan.
The official budget hearing is set for 4:30 p.m. April 15, with a vote by the board set for 5 p.m.