Plainfield School District 202 officials plan to ask the Will and Kendall county clerks for $197,291,326 in local property taxes through the district’s 2018 levy – about $2,259,366, or 1.2 percent, more than last year’s levy.
The school board will hold a public hearing on the proposed levy at its regular meeting at 6:30 p.m. Dec. 17 at the District Administration Center, 15732 Howard St. in Plainfield, according to a news release from the district.
The board also is expected to vote on the proposed levy during the meeting.
District officials project the district’s total tax rate will fall from $5.71 per $100 of equalized assessed value this year to about $5.51 per $100 of EAV, thanks to rising property values and conservative budgeting, the release said.
“The actual tax rate cannot be determined until after the district’s EAV is finalized early next year,” the release said. “Likewise, it is difficult to predict the proposed levy’s impact on specific tax bills, which are based on individual property values.”
The proposed 2018 levy request is about 5.4 percent higher than the 2017 extension of $187.1 million (including bond and interest). However, the proposed 2018 levy is about $2,259,366 more than the 2017 levy of $195 million. Although the proposed 2018 levy is 5.4 percent higher than last year’s extension, district officials expect this year’s actual tax extension to be only about 2.8 percent higher than last year’s extension.
Of the total amount of the proposed 2018 levy, about $168.4 million, or about 85 percent will go to the district’s operating funds, including education, operations and maintenance, transportation, working cash, Illinois Municipal Employees Retirement Fund, special education and tort.
The tax levy is the school district’s official request for its share of local property taxes, the release said. The tax extension is the amount of local taxes the district actually receives from the counties it serves. The official extension will be calculated after the district’s final equalized assessed value is set in April. 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, according to the release.
For the 2018 levy, the consumer price index will be 2.1 percent. Therefore, when the levy process is complete, District 202 will be able to increase its local property tax revenues by only 2.1 percent. New property values can fluctuate between now and when final numbers are received. In addition, the economy reportedly continues to show signs of slow improvement.