Oswego’s property tax rate to decrease by 5% next year

Oswego property owners will see a 5% decrease in the village’s property tax rate next year, bringing the village’s tax rate to its lowest level on record.

At the Nov. 19 Oswego Village Board meeting, village trustees unanimously approved a $1.8 million tax levy, which represents a $125,986 increase in dollars and a 5% decrease in the village’s property tax rate applied to properties within the village.

“This will result in the lowest tax rate on record,” Oswego Finance Director Andrea Lamberg told village trustees.

The newly approved property tax rate is 1.322. The village in 2007 had a property tax rate of 1.330, which was previously the village’s lowest tax rate, she said.

“I would just say kudos to the board for reducing the property tax rate again,” Oswego Village President Ryan Kauffman said. “That’s incredible that our property tax rate is now the lowest amount we’ve ever had.”

According to the village’s website, the Oswego receives the second-smallest share of property tax of any taxing district in the village. Of a resident’s total property tax bill in 2023, just 1.6%, or less than $0.02 of every dollar, went to the village of Oswego to provide services.

In Oswego, property tax dollars cover the costs of police pensions. Road maintenance, public safety and other services are paid with sales taxes, fees for services and other miscellaneous revenues.

During the meeting, village trustees also approved a budget of about $127 million for fiscal year 2025. The budget shows $133,026,517 in revenues and $126,878,557 in expenses, for a budget surplus of $5,397,960.

Property tax revenue in the general fund was decreased by $108,850 to achieve a 5% levy rate reduction. In addition, $37,000 was added to the economic development budget in the general fund to fund a road study for Route 34 and $50,000 was added to the community relations budget in the general fund to give to the Oswegoland Senior and Community Center capital campaign.

The campaign’s goal is to raise $2.2 million dollars to fund the installation of an elevator and make other improvements and pay off the remaining debt of the purchase of the building.