PLAINFIELD – Plainfield School District 202 officials have determined how much they plan to ask of the Will and Kendall County clerks for the 2017 property tax levy – $195,031,960.
The district will discuss the proposed levy, which is about $590,000, or three-tenths of 1 percent, higher than last year, at its regular meeting at
6:30 p.m. Dec. 18 at the District Administrative Center, 15732 Howard St., Plainfield, according to a news release from District 202.
The $195 million figure includes bond and interest, and officials are expected to vote on the proposition later during the same meeting.
Officials also project that the district’s total tax rate will fall from $5.89 per $100 of equalized assessed value this year to about $5.64 per $100 of EAV because of rising property values and budgeting. This is a decrease of about
4 percent, but the actual tax rate cannot be determined until after the district’s EAV is finalized next year.
The levy is the district’s official request for its share of property taxes, and the tax extension is the actual amount of local taxes the district receives from the counties it serves. The official extension will be calculated after the district’s final EAV is set in April.
The proposed 2017 levy request is about 5.7 percent higher than the 2016 extension of $184,486,890. However, it’s only about $590,000 more than the 2016 levy of $194.4 million.
District officials expect this year’s actual tax extension to be only about 1.3 percent higher than last year’s, despite the increase in the request.
“It is normal for governments to request significantly more money than is actually needed to ensure that they get their full share of taxes,” the release said. “This process is called a ‘balloon levy.’ If governments ask for less than what they ultimately are due, they lose any funds greater than what is requested.”
The state tax cap law limits the amount of new revenues the district can levy each year to either the consumer price index or 5 percent, whichever is less. For the 2017 levy, the CPI will be 2.1 percent, according to the release. This means the district will be able to increase its local property tax revenues by only 2.1 percent when the levy process is completed – plus the value of new construction.
“New property values can fluctuate between now and when final numbers are received,” the release stated. “As well, the economy continues to show signs of slow improvement.”
About $165.5 million, or 85 percent, of the total proposed levy will go toward operating funds. These include education, transportation, working cash, Illinois Municipal Retirement Fund, special education, tort and operations and maintenance.