Macomb, IL – Macomb will seek a nearly 8% increase in the amount of property tax money it receives. The city will ask for a tax levy of more than $1.3 million. This year it received more than $1.2 million. A public Truth in Taxation hearing on the proposed levy will be held during the city council's December 18 meeting. Later that night aldermen will be asked to approve it. The city plans to rearrange the way it spends property tax money. It will put more of that revenue into its general corporate fund and less into its insurance fund. It'll supplement the insurance fund with either income tax money from the state or local sales tax dollars. Among other things, the corporate fund is used for economic development efforts. The amount of money going into the fund has dwindled in recent years because more of the property tax revenue has been diverted to the insurance and pension programs.
Truth In Taxation Hearing for Macomb
