Net New Construction History
2013 2014 2015 2016
0.72% 1.16% 1.28% 1.49%
Mill Rate History
2014 2015 2016 2017
$1.67 $1.67 $1.66 $1.67
While it is true that the Village Board will be considering a tax increase with this year's Budget, the literal amount that it will be increased is the amount difference between $1.6628 and $1.6671 per thousand ($1.66 v. $1.67). The proposed Mill Rate or the taxable rate expressed on a per thousand basis of assessed value would revert back to 2015 and 2014 levels. In terms of dollars and cents, on the average homeowner in the Village of Richfield with a $288,500 home, the amount in the Village's portion of the tax bill their property taxes will increase by is a relatively nominal amount of $2.88, total. This is an increase of 0.26%, a little more than one-quarter of one percent.
Without utilizing Governor Walker's 'Tool' for municipalities to account for growth in the community, the services the Village provides cannot be equitably distributed amongst all property owners. Many service requirements come along with the demands of a growing residential population. By utilizing Governor Walker's 'Net New Construction' provision, we ensure the new growth our community continues to experience and the services they undoubtedly utilize are not diluted or subsidized by our existing tax base.
In 2017, the Village is scheduled to make the following Capital Expenditures for purchase
-Server & Battery Backup - $10,000
-Heritage Park Swing set Feature - $6,000
-Roadway Improvement 2017 — Friess Lake Road - $205,154
-Roadway Improvement 2017 — Scenic Road - $476,960
TOTAL - $698,114
Source: November Village Board Packet chick here if you wish additional budget details.