SD 113 Proposed Levy Would Up Taxes $42 Annually

From Township High School District 113

District 113’s proposed levy increase would cost the owner of a $300,000 home approximately $42 in additional taxes annually, or 1.7 percent over the current amount paid in taxes to District 113.

On November 10 the Township High School District 113 Board of Education reviewed the proposed 2014 tax levy, which is set to be posted for public review Nov. 27 and approved Monday, Dec. 8.

Local property tax receipts account for 78 percent of the District’s revenues.

Each year, taxing bodies subject to the Illinois tax cap, which has been in place since 1991, can increase the amount of property taxes they collect by 5 percent or the Consumer Price Index, whichever is District 113 is requesting a total increase of 3.47 percent, or $3,081,821 over the total amount received last year of $88,769,227, including debt service.

This amount represents the 1.5 percent CPI and debt service, plus taxes District 113 is eligible to receive for any new property that might have come on the tax rolls during the past year.

New growth, which is not subject to the tax cap, is expected to be in the neighborhood of one to two percent.

Because new estimated construction values are not determined by the Lake County Assessor’s office until spring, the levy is an estimate, and District 113 is requesting a slightly higher amount to ensure that all new growth dollars are captured.

The Assessor’s Office will notify taxing bodies, including District 113, in spring as to how much they will actually receive.