$250M Property Tax Levy For D202 Sees 9th Annual Drop In Rates

PLAINFIELD, IL — Plainfield School District 202's recently approved property tax levy is expected to drop for the ninth straight year, officials said.

The Board of Education passed the levy on Dec. 20 and will ask the Will and Kendall county clerks for $230,457,125, which includes interest and bond, in local property taxes.

Officials project the total tax rate will fall from $5.15 per $100 of equalized assessed value to $4.89 per $100 of EAV thanks to rising property values and conservative budgeting. The district's tax rate has fallen almost 21 percent since the 2014-15 school year when it reached $6.26.

Of the proposed levy, about $204.5 million, or around 88 percent, will go into the district's operating funds, which cover education, operations and maintenance, transportation, working cash, the Illinois Municipal Employees Retirement Fund, special education, and tort. Officials said the district is facing increased expenses due to inflation.

The proposed levy that is about 6.3 percent higher than the 2022 extension of $216 million. Despite the higher rate, officials said they expect this year's actual tax extension to be about 5.9 percent higher than last year's.

The Illinois Property Tax Extension Limitation Law limits increases on a school's property tax extension to either the Consumer Price Index or 5 percent, whichever is less. The CPI for the district's 2023 levy is 6.5 percent. Officials said they estimated the 5.9 percent rate by including new property values.

This levy marks the second time that CPI has exceeded the 5 percent threshold since Will and Kendall counties adopted the Property Tax Extension Limitation Law in 1991 and 1997, respectively. District officials explained that governments routinely request more money than is needed — a process called "balloon levy" — to ensure they capture their full share of taxes.

The actual tax rate cannot be determined until after the district's EAV is finalized early next year, according to a news release. Final tax bills encompass tax rates from multiple government entities and are affected by individual property taxes.