Flossmoor residents, as a whole, will save over $29,000 on their property tax bills this year thanks to a resolution passed during the Dec. 3 village board meeting.
The extra money comes from the village's 2009 General Obligation (G.O.) refunded money from 2002 library construction bonds. Flossmoor Finance Director Scott Bordui says the excess cash is the result of several factors, including loss and cost collections over the life of the bond and through refinancing.
"It's basically a direct savings to the resident," Bordui said.
Bordui said this is the third abatement the village has issued in three years. Overall, this has amounted to nearly $40,000 in savings for residents as a whole.