Who Gets Your Property Tax Dollars?
By John Norris, Mayor of Riverwoods
Throughout the 20 years and various capacities in which I have served the Village of Riverwoods, I have frequently heard residents comment on how much they pay in property tax and question what the Village does with “all that money.” In reality, while Riverwoods residents certainly do pay a great deal in property tax each year, very little of that money comes to the Village.
Above is a graphic representation of how each dollar paid by a typical Riverwoods resident is divided among the different taxing bodies in Lake County. As you can see, Riverwoods’ share barely covers the border of the dollar bill. The Village receives less than 2% of each dollar paid by our residents in property tax. In other words, for every $10,000 a resident pays in property tax, the Village gets back only $200.
Over 70% of the property tax goes to the elementary and high school districts. We are all grateful for the tremendous quality of the education our children receive, but the schools are expensive. The other recipients of property tax dollars also provide valuable services.
In future issues of the Village voice, I’ll try to outline the various sources of Village revenue other than property tax as well as the steps the Village has taken through the years to keep your property tax as low as possible.