The Village of Parkway established its 2013 annual tax rate at .2770, which is slightly lower than last year.

Village trustees approved the rate during a public hearing on Monday. By law, municipalities must set their tax rate by Sept. 1 each year.

The figure means Parkway property owners will pay 27.70 cents in taxes for every $100 of assessed valuation.

In 2012, Parkway’s tax levy was at 28 cents, meaning residents will pay .23 of a cent less this year. The new levy includes a .02 recoupment rate.

Clerk Lynnette Busse has said that a reduction is allowed because of the financial health of the village.

The latest drop in the tax rate continues a decrease in Parkway’s annual levy.

In 2008, residents paid 43.24 cents per every $100 of assessed valuation. In subsequent years, the levy was .3989 in 2009, .3000 in 2010 and .3052 in 2011. 

According to information provided by the village, assessed valuation for 2013 is estimated at $4,838,395 for real estate and $803,697 for personal property. That totals $5,642,092.

In 2012, those numbers were $4,917,517 for real estate and $759,023 for personal property, respectively, for a combined total of $5,676,540.