2023 Tentative Tax Levy
At the November 14th Meeting, the Board of Education approved the 2023 Tentative Tax Levy. The proposed 2023 tax levy is $16,681,500 (exclusive of Bond and Interest). The increase is based on 5.0% for existing property (the 2022 CPI capped maximum amount under PTELL) and an additional 8% to capture new construction and remodeling. While D76 does not reasonably expect to get this much in property tax revenue, due to the Tax Cap Law in place, we must request a levy sufficient to capture all potential new property growth or risk losing this revenue. This process is referred to as “balloon levying.” The main reason for this is that the two main factors for calculating the tax rate, Equalized Assessed Valuation (EAV) and new property growth, are unknown at the time the levy is developed.
Many homeowners may have seen an increase in their tax bills. In theory, property tax increases are limited to a 5% or CPI increase, whichever is lower, from one tax year to the next. However, individual tax bills may increase more than 5% or the CPI due to one or more of the following reasons: A home addition was constructed, property was under assessed or reassessed, homeowner’s exemption changed, commercial and industrial property tax assessment appeals shift the tax burden to residents.
As state and federal funding for education shrinks and property tax appeals are on the rise, D76 is aware of the extra burden individuals face. D76 makes every effort to responsibly use the dollars of our community taxpayers. As part of our D76 goals and action plan, programs are constantly evaluated for their effectiveness, staffing plans are reviewed annually and department budgets are carefully monitored and redeveloped from a “zero” base every year. The leadership team examines grant opportunities to help fund programs, equipment purchases and facility improvements.
Please visit our website www.dist76.org for detailed budget and tax levy information.
INSTRUCTIONAL TECHNOLOGY & COMMUNICATIONS