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D. 202 slates public hearing on proposed $209.5 million 2021 property tax levy -- Projected tax rate expected to drop for seventh straight year

District 202 plans to ask the Will and Kendall County clerks for $209,532,082 in local property taxes (including bond and interest) through the district’s 2021 levy – about $6.6 million or about 5.2 percent more than last year’s total levy.

POWERPOINT PRESENTED 11-22-21

District officials project that the district’s total tax rate will fall from $5.26 per $100 of equalized assessed value (EAV) this year, to about $5.08 per $100 of EAV thanks to rising property values, and conservative budgeting.

This will be the seventh straight year the district’s anticipated tax rate is expected to drop. The district’s tax rate has fallen 16 percent since 2014-15 when it reached $6.26.

The actual tax rate cannot be determined until after the district’s EAV is finalized early next year. Final tax bills encompass tax rates from numerous governmental entities and are affected by individual property values.

The Board will hold a public hearing on the proposed levy, as required by law, at its regular meeting at 6:30 p.m. Monday, December 13, 2021 at Wallin Oaks Elementary School, 15410 S. Wallin Drive, Plainfield.

The Board is expected to vote on the proposed 2021 levy later during the same meeting.

The tax levy is the school district’s official request for its share of local property taxes. The tax extension is the amount of local taxes the district receives from the counties it serves. The official extension will be calculated after the district’s final equalized assessed value is set next April.

The proposed 2021 levy request is about 5.1 percent higher than the 2020 extension of $203 million (including bond and interest). 

Although the proposed 2021 levy is 5 percent higher than last year’s extension, district officials expect this year’s actual tax extension to be only about 1.4 percent higher than last year’s extension.

Governments routinely request more money than is needed to ensure that they capture their full share of taxes. This process is called a “balloon levy.” If governments ask for less than what they ultimately are due, they lose any funds greater than what was requested.

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 2021 levy, the CPI will be 1.4 percent.

Therefore, when the levy process is complete District 202 will be able to increase its local property tax revenues by only 1.4 percent (plus the value of new construction). New property values can fluctuate between now and when final numbers are received. In addition, the economy continues to show signs of slow improvement.

Of the total amount of the proposed 2021 levy, about $183.6 million, or about 86 percent will go to the districts’ operating funds -- Education, Operations and Maintenance, Transportation, Working Cash, Illinois Municipal Employees Retirement Fund, Special Education and Tort.