For the third successive year, proprietors of Bradley properties are slated to receive a complete reimbursement equivalent to 100% of the village’s share of their property tax.
During the Bradley Village Board meeting held on Monday, trustees granted approval for the ordinance governing the collection of property tax, a distinctive measure that not only facilitates the tax collection process but also ensures the entire amount is promptly returned to property owners.
Finance Director Rob Romo disclosed that the village, in its entirety, is committed to refunding approximately $2.2 million to property owners.
The approval of this ordinance underscores the village’s dedication to providing financial relief to property owners and reflects a recurrent initiative that has been in effect for three consecutive years, emphasizing the village’s ongoing commitment to alleviating the financial burden on its residents.
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Property Owners to Apply for Bradley Tax Rebates in September and October 2024
A typical rebate for Bradley property taxes spans from a few hundred dollars to several hundred, offering property owners a substantial financial benefit.
The reimbursement process is scheduled to occur in September and October of 2024, requiring property owners to apply for the rebate.
This program’s viability is largely attributed to the revenue generated from sales taxes, a significant contributor to the village budget.
With approximately 5,000 property owners in the village, this initiative underscores the village’s commitment to financial relief for its residents.
The village derives about $13 million in revenue from two sales tax sources.
The first source comprises the standard sales tax, which includes state and local taxes at a 6.25% rate, contributing $7 million to the village budget.
The second source stems from a 1% increase endorsed by voters through a March 2020 referendum, generating an additional $6 million for the village, as highlighted by Finance Director Rob Romo.
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