Proposed District 34 Levy Would Mean Small Property Tax Increase

On Friday, Glenview Elementary District 34 officials announced plans to seek a $43.9 million property tax levy, to help cover costs for the fiscal year 2011-12 budget.

Today, it explained to Glenview Patch how the proposal would impact local residents.

The bottom line for taxpayers, if the plan is approved, is that there would be an estimated 2.5 percent increase in the amount people would have to pay on their property tax bill.

To translate that number further, "the owner of a home valued at $500,000 can expect to pay an additional $89 in property taxes to District 34 based upon these estimates," according to a press release sent out by Brett Clark, executive director of communications and strategic planning.

District 34 will hold a public hearing on the proposed tax levy on Monday at 7 pm.

Media press release below

Below is a copy of the entire press release sent by District 34 today in regards to the above mentioned proposed tax levy.

The District 34 Board of Education recently discussed the proposed 2011 tax levy and will hold a public hearing on the proposed levy at 7 p.m. on Monday, Dec. 12.

The levy is subject to the Property Tax Extension Limitation Law (PTELL), otherwise known as the “tax cap” which restricts the growth in property tax revenue to the lesser of 5% or the rate of inflation (CPI).

Approved bond and interest levies, along with new property, are exempt from the tax cap.  While the total value of new property is not known currently, the preparation of the levy request must be done prior to December 27, 2011 by law. Therefore, since the new property amount is unknown, it is common practice for school district boards of education to “balloon” the approved levy. If this practice is not done, school districts can permanently lose revenue from new property.

Even with a “balloon” levy, only the amount allowed by law from the levy will be collected by the school district. That amount is projected to be a 2.5% increase over the prior year.

The proposed 2011 tax levy of $43,972,292 will be voted on by the Board and represents an increase of 3.6% over the prior extension. However, the actual tax levy is projected to be 2.5% (not the 3.6% amount approved) over the prior year based upon estimates by the District.

The owner of a home valued at $500,000 can expect to pay an additional $89 in property taxes to District 34 based upon these estimates.

Brett Clark

Executive Director of Communications and Strategic Planning
Glenview School District 34
1401 Greenwood Road
Glenview, IL 60026

For additional documents regarding this matter, please log onto the District 34 website at www.glenview34.org.