At the District 47 Board of Education meeting on November 18, 2019, the Board voted 5-0 to adopt a tentative tax levy. The requested aggregate amount of total property taxes to be levied for 2019 is $75.8 million. This reflects a 3.73 percent rate increase based on last year’s extended tax levy. Over the past five years, the tax rate has decreased from $4.39 (2014) to an estimated $3.79 (2019).
In addition, the Board approved submission of an application in the amount of $2.4 million for the Illinois State Board of Education’s (ISBE) Property Tax Relief Grant, which is made available as part of the state’s Evidence Based Funding for school districts. This would help ease the burden on taxpayers and reduce the overall tax rate.
“We continue to review ways to reduce expenditures and become more efficient for our community while striving to maintain our aging facilities and meeting the academic and social-emotional needs of our students,” said Cathy Nelson, Assistant Superintendent of Business.
Along with general expenditures for operating the District’s educational programs (including transportation), the District will use the property tax revenue along with fund balances to help offset project costs associated with a five-year capital improvement plan, which includes a renovation of Coventry Elementary School; repairing and replacing structural elements, such as roofs, doors and windows; and upgrading electrical, plumbing and HVAC systems. For additional revenue to help cover these costs, District 47 sold $10.1 million debt certificates in August 2019. Debt certificates are a non-referendum financing option paid for with operating fund revenues and are not part of a debt service levy.
The D47 Board is expected to vote on the proposed tax levy at the next Board of Education meeting on Monday, December 16, 2019, at 7 p.m. The meeting will be held at the CORE Center, 300 Commerce Drive in Crystal Lake.
For more information about the 2019 tax levy, see the links below: