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Metropolitan Water Reclamation District
Reduces Property Taxes by $38 Million

The Board of Commissioners of the Metropolitan Water Reclamation District of Greater Chicago voted today to abate $38 million in property taxes.  The abatement affects 2005 property taxes to be collected in 2006 and subsequent years.  The average homeowner’s tax bill owed to the District will be reduced by 4% compared to last year.

Terrence J. O’Brien, President of the Board of Commissioners, said, “We are pleased to take this action to provide some tax relief to the citizens of Cook County.  The District performs a vital service to the area and we have worked hard to make the best possible use of tax dollars.  Careful fiscal planning and sound investment practices mean that the District has maintained excellent bond ratings for several years–AAA from Moody’s Investor’s Services, AAA from Fitch and AA+ from Standard and Poor’s.”

The Metropolitan Water Reclamation District of Greater Chicago collects and treats wastewater from more than five million people and the industrial equivalent of another 4.5 million people in Cook County.  The District’s 2006 budget is $993.7 million.  The District’s web address is www.mwrd.org.