FOXNews television crews and reporter Steve Brown at Woodfield Mall about 9:45 a.m. covering sales slump/municipal property tax report.
For years the village doesn’t charge property tax because it has relied on sales tax, especially from Woodfield Mall. A shopping slump is blamed for a deficit over $17.5 million that could lead to a municipal property tax in Schaumburg. Of a 10 percent sales tax, 2 percent goes to the Village of Schaumburg.
Village Manager Ken Fritz reports that Schaumburg went into the recession with a $20 million surplus, which is expected to run out next year. A municipal property tax is expected to be required to run municipal services, such as police, fire and public works departments.
Woodfield Mall is the fifth-largest shopping mall in America.