How will the project affect my taxes?

It is estimated this project will increase the tax rate by an average of $0.86 per $1,000 of assessed property valuation over the 20-year repayment term. The estimated debt for this project will increase the annual property tax for a home assessed at $150,000* by an average of $129.71 during this 20-year term ($10.81 per month). For a $300,000 home the increased average annual property tax over the 20-year term is estimated to be $259.41 annually ($21.62 per month).

The actual tax rate for this debt will vary year by year based on the final project cost repayment schedule for the bonds, fluctuations in interest rates based on market conditions, and Village growth rate.

Estimated Financing Plan Tax Impact

*Single-family home statistics in Weston (Per Village Assessment records as of 12/07/2020)

Average assessed value is $158,800.  Median assessed value is $149,700

Show All Answers

1. Why do we need to replace our Municipal Building?
2. Was renovation of the existing building(s) considered?
3. How much will the project cost?
4. The original facilities study in 2016 estimated the project would cost between $12 and $13 million. Why has the estimate gone up to possibly 15 million?
5. How will the project affect my taxes?
6. If we don’t construct the new building will my taxes remain the same or even go down?
7. Why was a new site selected?
8. What will we do with the existing site and the buildings?
9. How does the new facility compare to the current one?
10. Will the new building include technology which improves energy efficiency and conservation of resources?
11. Will this be built by local businesses and contractors as to keep money in the local economy?
12. Does this project require a referendum?
13. In summary, has the need for this project been adequately evaluated?