At the Lake County Board meeting on October 10, the County Board approved an ordinance that issued the payment for outstanding bonds, resulting in $3.5 million in savings for taxpayers who own property within Special Service Area 16 (SSA 16). The passed ordinance will reduce the SSA 16 tax levy for those with property within the SSA. It is estimated that the overall SSA tax levy savings will be $428 per $100,000 market value through 2037.
SSA 16 consists of Lake County, Village of Lindenhurst, Village of Lake Villa, Fox Lake Hills, and Grandwood Park water systems. This was formed to help finance improvements for Lake Michigan water, estimated to cost up to $46 million. Project costs ended up being $3.5 million lower than the original estimated cost, allowing one of the bonds to be redeemed in full 15 years early.
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