Geneva’s latest budget proposal suggests a 20% increase in the city’s tax levy, but paradoxically, homeowners might see a slight drop in their tax bills.
City Manager Amie Hendrix unveiled the $22.3 million spending plan, which raises the tax levy to nearly $10.7 million from last year’s $8.4 million.
The unexpected tax relief is due to a recent property reassessment that boosted the total taxable value from $488.6 million to $727.5 million, allowing the tax rate per $1,000 assessed value to decrease from $17.25 to $13.97.
Hendrix noted that 92% of residential properties saw increased valuations, aligning them with current market rates. As a result, a home now assessed at the new median value of $143,900 would incur a tax bill of $2,010—about $17 less than last year’s median home.
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