At the District 47 Board of Education meeting on November 19, 2018, the Board voted 7-0 to adopt a tentative tax levy. The proposed aggregate amount of total property taxes to be levied for 2018 is $74,824,704. This reflects a .3 percent rate reduction based on last year’s tax levy as the District’s general obligation school bonds will be paid off in February 2019.
For the past three years (2015, 2016, and 2017), District 47 abated $1 million each year for a total of $3 million from the District’s debt service levy, easing the financial burden on taxpayers and reducing the overall tax rate. This year, the District will apply for the Illinois State Board of Education’s (ISBE) Property Tax Relief Grant, made available as part of the new Evidence Based Funding for school districts. If this grant is received, the Board of Education will approve a resolution to abate the approved amount to further ease the burden on taxpayers and reduce the overall tax rate.
“We are continually looking for ways to reduce the tax burden on our community while striving to maintain our aging facilities and meet 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, 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 $9.5 million in debt certificates in June 2018. 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 17, 2018, at 7 p.m. The meeting will be held at the CORE Center, 300 Commerce Drive in Crystal Lake.