Colleen Meeder
SHERMAN Budget projections for the village of Sherman indicate that residents will see a decrease in the tax rate; however, the overall tax levy will increase, board members learned at their regular meeting March 3.
Village Mayor Colleen Meeder told board members that the tax rate should decrease by 43 cents per $1,000 assessed property value. The tax rate for the fiscal year from June 1, 2021, to May 30, 2022 is projected to be $10.32 per $1,000, which is a decrease from the current rate of $10.75 per $1,000 assessed value, Meeder said.
Meeder is proposing a 2.75% increase in the tax levy. However, Meeder explained, due to a village-wide increase of $1.4 million in property assessments residents who improved their properties will probably see an increase in taxes, while those whose assessment remained the same should see a decrease, she said.