Algonquin-based Community District 300 asking for 7.92% property tax levy increase

To seize the {dollars} from new property Algonquin-based Neighborhood College District 300 expects will come on the books subsequent 12 months, the district’s college board will think about asking for a tax levy 7.92% greater than what it obtained final 12 months.

Chief Working Officer Susan Harkin instructed board members throughout a Tuesday assembly that if the typical house owner of a $200,000 home didn’t see a rise of their property worth evaluation, they’d see an
$Eight lower on the District 300 portion of their tax invoice.

Nonetheless, if this similar house owner noticed their property worth improve 2%, this is able to imply a $65 improve in what they’d pay to District 300. 

“We’re delicate that the tax surroundings’s a tricky one, however we’re doing our greatest to assist defend our taxpayers and nonetheless present a superb schooling to our households and college students,” Harkin stated. 

Final 12 months, the whole tax levy extension was $205 million and the tax price was 5.48%. This 12 months, the tentative quantity the district is asking for is about $221 million.

Nonetheless, the district famous it overestimated its request to accommodate any unexpected variances associated to property assessments and new property worth within the space.

College districts and sure different native taxing our bodies are restricted in how a lot they will improve their levies, or the whole quantity they gather in property taxes, to the speed of inflation plus new progress, corresponding to a brand new subdivision or an addition on a house. 

District 300 is estimating $250 million in new progress. This consists of cash from a tax increment financing district set to run out in Carpentersville.

The district might be allowed to gather taxes on about $7.1 million in property worth that it hadn’t been in a position to earlier than, Harkin stated.

The varsity board additionally is about to debate a property tax abatement to cut back the quantity that might be charged to taxpayers for debt funds, Harkin stated.

In November, she stated, the district will ask the board to undertake a decision permitting for a $187,000 abatement.

A public listening to on the tentative tax levy and a vote on its adoption are set for Dec. 8.

— to www.nwherald.com

The post Algonquin-based Community District 300 asking for 7.92% property tax levy increase appeared first on Correct Success.

source https://correctsuccess.com/taxes/algonquin-based-community-district-300-asking-for-7-92-property-tax-levy-increase/