Plainfield School District approves levy that is $1 million less than previous year
12/16/2015, 10:02 a.m.
Following a public hearing Monday, Plainfield School District 202’s Board of Education approved a $204,787,536 tax levy for 2015 that is about $1 million less than last year due to savings realized by refinancing several bond issues.
The $204.8 million levy is the district’s official request for its share of local property taxes from both Will and Kendall counties.
The 2015 levy request is about 15 percent higher than the 2014 extension of $177,754,799. However, the proposed 2015 levy is about $1.04 million less than the 2014 levy of $205,831,193.
The 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 next April.
Local taxing bodies typically request significantly more money—a balloon levy—than is actually needed to ensure that they get their full share of tax revenue.
Although the proposed 2015 levy is 15 percent higher than last year’s extension, district officials expect this year’s actual tax extension to be only about .8 percent higher than last year.
The state tax cap law limits the amount of new revenues the district can levy each year to either the Consumer Price Index (CPI) or 5 percent, whichever is less. For the 2015 levy, the CPI is expected to be .8 percent. Therefore when the levy process is complete District 202 will be able to increase its local property tax revenues by only .8 percent (plus the value of new construction).
New property values can fluctuate between now and when final numbers are received in the spring.
Of the total amount of the proposed 2015 levy, approximately 85 percent or $174 million dollars will go to the districts’ operating funds which are used for education, operations, maintenance, transportation, working cash, Illinois Municipal Employees Retirement Fund and tort.
District officials will be able to calculate the 2015 extension and resulting tax rate after the district’s equalized assessed valuation or EAV is finalized early next year.