The Mayor is nominated by the Riverwoods Caucus committee and is elected to a four-year term. The Mayor acts as the executive branch of village government and is responsible for the administration of village operations. The Mayor is also president of the Board of Trustees. As president, the Mayor presides over all board meetings and can cast tie-breaking votes. Individuals who serve as Mayor receive a stipend and a municipal benefits package as compensation.
In November and December, the Finance Committee and I will be presenting the Village Board with a planning budget for 2021. As part of that recommendation, the Committee and I will be calling for an increase in the Police Protection/System Tax (municipal property tax) of approximately $150 to $160 for the typical Riverwoods residence with a fair market value of $636,800.00 (and an equalized assessed value of $212,266.67). This increase would be about 0.92% of the total property tax of $15,822.32 on the example house. See “Where does Your Property Tax Dollar Go” under Village News.
The exact amount will vary for each resident based upon the size of your home. Your individual increase may larger if you live in a larger home; it may be smaller if you live in a smaller home.
Even with this increase, the Village of Riverwoods will still have a lower municipal property tax rate than any of our neighboring communities.
This increase has been necessitated by the loss of approximately $750,000 in annual sales tax revenue over the last two years. If we do not act, the deficit would only grow.
Please see the other articles in this edition of the Village Voice for more detail about the budget.