The City of Lake Geneva’s property tax at $4,722,510 is 60% of the city’s revenue and it is the first and largest single revenue item on the city’s 2017 budget.
Compared to last year it has gone up $117,510 or 2.5% over in that single year; however, the actual amount of city tax that residents will be paying on their tax bills should be less this year than it was last year. How can the city collect more in property tax while at the same time residents are paying less?
The answer is that for the last 20 years Lake Geneva residents have had their entire property tax bills artificially raised by 6% to 8% every year to collect the extra money needed to fund TIF#4; however, TIF #4 was closed in May 2016, so for the first time in 20 years residents tax bills will not be artificially inflated 6% to 8% to fund TIF #4. So, despite the 2.5% increase by the city and the increases of other taxing bodies listed on the property tax bill, most residents should find a smaller property tax due in late December, thanks to the members of the city council who closed TIF#4 before the May Deadline.
Sometimes your representatives get it just right! Even with the fact that the city is admittedly in deficit to the tune of several hundred thousand dollars, that debt should be easily made up by the differential in the coming year. Gunfighter Utah Blaine, the Lake Geneva City Administrator who replaced Dennis Jordon, is proving to be Godsend to the city. His understanding and application of the finances is slowly changing everything for the better in Lake Geneva, and making the difficult jobs of the city council much easier.
A Grand Person in Our Place