DeKALB – City of DeKalb taxpayers might notice a difference in their 2018 property tax bill in relation to the DeKalb Public Library, a news release from the library shows.
The amount collected for the library on 2018 property tax bills decreased this year compared to the 2017 bill, according to the release. This is because the library abated the entire $992,500 that was borrowed from taxpayers to complete the library expansion project during the state’s budget impasse.
The money was used to repay a $4.5 million bank loan the library needed to finish construction on the addition it constructed after the state library did not deliver promised grant funding for the project.
In 2015, the library board asked the city for an increase in the tax levy to secure a $4.6 million loan to finish building renovations. Borrowed money would be repaid once state money came through. Loan funds totaling $992,550 were collected from 2015 and 2016 property taxes.
As explained by Library Executive Director Emily Faulkner back in August, taxpayers will see a reduction in property taxes this spring and fall of about $90 a household for the year. The library will send an explanatory letter, she said.
The news release states that in 2020, the library portion of the property tax bills will more closely resemble what was paid in 2018.