For the first time in four years, the tax levy for Lincoln-Way High School District 210 is slated for an increase of roughly $3.5 million.
Details of the proposed tax levy were presented Oct. 25 at the board of education meeting at Lincoln-Way East High School. The total property taxes to be levied for 2012 are $77,927, 589, according to Sawin.
“As you know from previous levies, levying a certain amount does not guarantee that the district will receive the amount requested. For example, our 2011 levy was $74,416,681, while the actual amount extended was $69,951,870. The final official equalized assessed valuation for the district, the prior year’s extension, new property value, the adjusted tax rate, and the consumer price index all help determine the amount of local property tax dollars that the district will receive.”
It's tough to discuss the tax levy rate in terms of cost per household, said Sawin. At this time, "we don't know the tax rate."
School districts must approve their tax levies in December, and that's before the official assessed valuation of homes is determined. Thus, the district always requests more in taxes than it will actually get.
Sawin said he anticipates the district will actually collect about $72.19 million in property taxes, or $55.8 million excluding bond and interest. A portion of the taxes collected each year is automatically put toward money owed for construction projects. The rest goes to other funds, including education, building and transportation.
Property taxes make up about 65 percent of the district's $97.14 million 2012-2013 budget. The District 210 tax levy accounts for about 25 percent of the average resident's tax bill.
A public hearing on the tax levy will be held at 6 p.m. Dec. 11 at Lincoln-Way Central, and the board is expected to vote whether to adopt the tax levy the following night during a 7 p.m. meeting at the high school.
Providing a historical perspective
In the months before the economy tanked in 2008, the Equalized Assessed Value (EAV) of all taxable property in the 100 square miles of the district stood at roughly $4.08 billion. That value declined over the next three years. However, this year the projected EAV is $4.16 billion, which is about $81.5 million more than the previous high set in 2008.
The school board set the 2012 levy hearing for Dec. 11 in the Board Room at Lincoln-Way Central. Formal adoption of the 2012 Tax Levy is scheduled for Dec. 13 at the board meeting.
In other financial business, the board accepted the 2011-2012 audit report, which was prepared by Mulchay, Pauritsch, Salvador & Co, Ltd., Orland Park.
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