2008 Tax Levy

posted: 3-23-10

Board approves 2008 tax levy; abates $3 million

Following a public hearing at its December 11, 2008 meeting, the Board of Education approved the proposed 2008 tax levy as presented. The 2008 tax levy is $188,227,285, excluding the Debt Service Fund, and it reflects an increase of 4.6% over the 2007 tax levy.

The Board also adopted a resolution to authorize and direct the County Clerk to abate a portion of the taxes levied for the year 2008 ($5.0 million) to pay debt service on $50,470,000 of school bonds (series 2006).

In an effort to preserve the maximum operating levy as limited by the Property Tax Extension Limitation Act, a debt service abatement lessens the overall tax increase while maximizing the aggregate extension per the Tax Cap. Utilizing reserve in the Working Cash Fund, last year’s $9.0 million transfer from Working Cash to the Debt Service Fund provided for three consecutive property tax abatements of $3.0 million to levy year 2007, 2008, and 2009.

Since the Consumer Price Index (CPI) for 2007 established a higher property tax extension limitation per the Tax Cap (4.1%, plus new property) and Working Cash Fund balances remain healthy, the Board approved the increased abatement amount for 2008 from $3.0 million to $5.0 million. The additional $2.0 million of abatement will not adversely affect the future balance of the Working Cash Fund and will again decrease the net impact of the overall levy to taxpayers. This results in a net levy extension increase of 3.3% for 2008.

Additional information on the 2008 tax levy is available at:http://www.d211.org/pdf/proposed_08_levy.pdf.

Certificate of Tax Levy 2008

 

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Palatine, Illinois 60067-7336
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