Tax levy faqs
District 47 Board of Education Approves 2024 Tax Levy
After a public hearing at the District 47 board of education meeting on November 18, 2024, the board voted 7-0 to adopt the 2024 tax levy. The requested aggregate amount of total property taxes to be levied for 2024 is $90,750,000. The district’s 2023 tax levy request was $89.48 million. The amount received (tax levy extension) was $86,453,876.
Tax levy requests are based on projected operating expenses, estimated property values (Equalized Assessed Value or EAV, which is determined by the county) and local projected revenue from new construction. The 2024 tax levy request reflects current rising costs due to inflation, an estimated EAV increase of approximately 7.0 percent, and estimated new construction valued at $15 million.
For the past five years, the tax rate has declined (from $3.89 in 2019 to $3.67 in 2023). Based upon the levy assumptions of an EAV increase of approximately 7.0 percent the tax rate may decrease by $0.13. However, if the increase in property values is greater than the levy assumption, the tax rate may decrease more. A lower tax rate may represent a cost savings to homeowners as it reduces the overall tax rate, however, the change in the assessed valuation of their property will control the impact seen by each property.
Based on the 2024 tax levy request original estimates, the owner of a home valued at $300,000 with no increase in property value (EAV) could see a tax decrease of approximately $128. The owner of a home valued at $300,000 with a 3 percent increase in property value (EAV) could see a tax decrease of approximately $22.
The amount of money the school district asks for (tax levy request) and receive (tax levy extension) will differ as EAV and new construction estimates are not finalized until the spring. In addition, under the Illinois Property Tax Extension Limitation Law (PTELL), increases in property tax extensions are limited to the lesser of 5 percent or the increase in the consumer price index for the previous year (3.4 percent in December 2023).
To offset property taxes for homeowners, District 47 has applied for (but has not received) the property tax relief grant each year from the Illinois State Board of Education since it became available. The district will reapply for the grant this year.
District 47 receives approximately 75 percent of its revenue from local property tax dollars. Levies enable a school district to meet current financial obligations and plan for future needs. The money District 47 receives from annual property tax levies fund salaries and benefits per collective bargaining agreements; routine maintenance and improvements to aging facilities; educational programming and strategic planning initiatives; and overall operational costs.