After last year's bond error on the City of Geneseo's portion of the property tax levy, aldermen and city staff were determined to make this year's tax levy more palatable.
About this story: To correct a bond error that overcharged residents on their tax bill last year, the City of Geneseo is committed to not only keeping the levy rate identical to the previous rate but also issuing a prior year adjustment, which should result in lower tax bills for most residents.
After last year’s bond error on the City of Geneseo’s portion of the property tax levy, aldermen and city staff were determined to make this year’s tax levy more palatable.
At the Tuesday, Nov. 14 city council meeting, aldermen approved a tentative tax levy showing a 46 percent decrease from last year. The 46 percent decrease applies only to the city’s portion of the levy.
The decrease is a combination of a zero percent increase in the city’s levy as well as a prior-year adjustment due to last year’s error.
Last December, the council approved a levy of $1,057,242. However, because a refinanced bond wasn’t properly abated, the county collected $1,377,492 from Geneseo taxpayers.
This year, aldermen are requesting the same $1,057,242 levy, however, due to the prior year adjustment, the actual amount levied will be $736,992.
The final levy will be approved at the council’s December meeting.