|
The Village of Mount Prospect provides a complete range of services for
its residents and business community. They include police and fire
protection, emergency ambulance service, street and highway maintenance,
health and social services, refuse disposal, public improvements, planning
and zoning, engineering and inspection, water and sewer utility service, and
general administrative services.
To pay for all of this, the Village obtains revenues from a number of sources
including property taxes which account for about 16.8% of the Village’s total
budget of $70 million. Sales tax, service charges, licenses, fees, state income
tax and motor fuel rebates, and several other revenue sources make up the
balance.
The Village uses the money it receives from property taxes for three basic
purposes: public safety, refuse disposal, and public improvements.
The owner of a residential property in Mount Prospect having an equalized
assessed value of $73,664 (approximate market value of $311,950) paid the
Village about $604 in property taxes in 2003. Of that, $430 was used for police
and fire protection, $119 for refuse disposal, and $55 for public improvements.
Mount Prospect is one of the few municipalities in the northwest suburban
area which pays residential refuse disposal costs with property taxes. If
residents paid for this service directly, it would cost about $151 or more per
year per residence.
Other Taxing Districts
Within and including the Village of Mount Prospect, there are 34 separate
and independent taxing districts. They include the Mount Prospect Public
Library, Cook County, the Metropolitan Water Reclamation District, 6 public
school districts, 5 park districts, and 14 other tax districts, plus Elk Grove,
Wheeling and Maine townships.
With the exception of the Village and public library, the taxing districts in
Mount Prospect do not share common boundaries. Thus, not all of the 34 tax
levies appear on every tax bill here. Typically, there are 16 or 17 districts on
each individual tax bill.
Village’s Share
The pie chart below shows the breakdown of property taxes for the Village of
Mount Prospect in Elk Grove Township from the 2003 tax bill. The Village
received just over $11.5 million or about 10.31% of the total. The percentages
vary depending on the area of the Village and the tax districts included.
| 
