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CCSD59 2018 Proposed Tax Levy Summary

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Key Facts:

  • A CCSD59 homeowner with a home valued at $249,250 would experience an estimated $3 increase in their annual tax bill as a result from the CCSD59 tax levy request.
  • The aggregate tax rate for CCSD59 (3.031%) remains the lowest among comparable northwest suburban elementary school districts (see chart at the end of this release).
  • Property taxes account for the bulk of school funding in the state of Illinois and is approximately 60% of CCSD59’s funding.
  • A property tax levy is the amount of property tax dollars a school district requests in order to operate the district for the upcoming school year.
  • A school district can only receive a tax levy up to the limit established by the county based on the final figures released by the county.
  • If a district establishes a levy that is lower than the final figures released by the county, the district does not have a way of adjusting the levy to receive the additional dollars due to the district.

A property tax levy is the amount of property tax dollars a school district requests in order to operate the district for the upcoming school year. Property taxes are the primary funding source for school districts, and property taxes account for approximately 60% of CCSD59’s funding.

Each year, the district requests a tax levy extension, or increase, in order to match the expenditure increases for cost of living, service and material costs, and other expenditures. A district relies on a property tax levy extension to match revenues with expenditures, and the amount of the tax levy increase is determined by a formula established by Illinois School Code.

The tax levy formula is created by a calculation that considers the previous year’s tax rate, the current Consumer Price Index, the equalized assessed value (EAV) of the properties within the district’s boundaries, and anticipated new growth of properties within the district’s boundaries.

This year, the 2018 proposed tax levy approved by the Board of Education on December 10, 2018, represents a 3.84% increase for tax capped funds. The tax levy the Board of Education approves is not a final figure, and it is not a requested 3.84% overall property tax increase. Rather, it is a request based on estimations of the items in the tax levy calculation above. Since the final figures for equalized assessed value of properties and new growth are not known until the spring of the year following the board approved tax levy, a school district must estimate what they believe the final figures will be.

To understand the calculations of the impact of the estimated extension of the 2018 rate compared to the actual 2017 tax rate on a CCSD59 homeowner, please review the following example:

 

2017 2018
Home Median Fair Market Value $249,250 $249,250
Assessed at 10% 10%
Assessed value $24,925 $24,925
Times county multiplier (est in 2018) 2.9627 2.9627
Less homestead exemption ($10,000) ($10,000)
Equals Adjusted EAV $63,845 $63,845
Times CCSD59 tax rate extension (est in 2018) 3.031% 3.035%
Total taxes due CCSD59 $1,935 $1,938
Difference between 2017 and 2018 taxes due $3

 

If the assumptions are correct for the 2018 levy extension, in this example the CCSD59 homeowner would have a $3 increase in their tax bill as a result from the CCSD59 tax levy request.

A school district can only receive a tax levy based on the final figures released by the county. If the school district establishes a levy that is higher than the final figures, the district will only receive what is allowable by law, which is the final calculation based on the actual numbers as established by the county. For example, if a district sets a tax levy at 4% increase, but the county numbers that are released the following spring equate to a levy rate increase of 3%, the district will only receive a 3% levy increase.

If a district establishes a levy that is lower than the final figures released by the county, the district does not have a way of adjusting the levy to receive the additional dollars due to the district. Once a levy is filed, it can not be increased. For example, if a district filed a levy for 3%, but the figures released the following summer by the county could have resulted in a 4% levy, the district can not go back and change the levy to access the additional 1%. The revenue lost from the lower request would be permanently lost and has a compounding effect on all future levies.

A district will request a rate higher than what might be anticipated in order to ensure they have the opportunity to receive all the money allowable by the law. As stated above, a district can not receive more than what the law allows by the property tax levy calculation, so even if the requested levy is higher than the results of the final levy figures, the district will only receive what is established by the final EAV and new growth figures.

For more information about the CCSD59 tax levy, please visit our Tax Levy Frequently Asked Questions page by clicking here. For any questions or inquiries about the CCSD59 2018 tax levy, please email Vickie Nissen at [email protected].

Tax Levy Graph

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