Small Town Bucks Trend, Lowers Property Tax

While cities across the country are raising fees to counteract the recession, the village of Schaumburg, Illinois is bucking the trend and decreasing or even eliminating municipal fees.
September 30, 2010, 7am PDT | Nate Berg
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The village has lowered it property tax and done away with garbage removal fees, among other moves.

"The tax reduction is actually part of a plan. Village big wigs promised to reverse the property tax when officials first established it last year to brace against the sagging economy. The village traditionally hasn't employed a property tax.

Now officials say revenues from hotel (up 6.2 percent) and sales (up 3 percent) taxes were large enough to cover their nut, so they don't need the property tax to make ends meet."

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Published on Wednesday, September 29, 2010 in NBC
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