Higher property taxes coming?
Deal to share deputy fire chief with Rock Falls extended through April
STERLING – To meet the demands of soaring pension costs of city workers, residents must be asked to pay a little more in property taxes, City Manager Scott Shumard told the council Monday night.
Shumard is suggesting the pension rate, which is paid through a separate property tax levy, be upped 6 cents per $100 of a home’s equalized assessed value. The pension levy must be adopted next month, he said.
Last year, the city’s contribution to the Police Department pension fund was $497,884; this year, the actuaries are recommending a contribution of $605,834, which is a 21.7 percent increase, he said.
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