After hosting a public Truth in Taxation hearing on December 12, the Glenbrook High School District 225 Board of Education approved the “Resolution to Levy 2016 Taxes”, “Certificate of Tax Levy,” “Resolution Regarding Application of Loss and Cost Factors to 2016 Tax Levies,” and the “Resolution to Instruct County Clerk How to Apportion 2016 Tax Levy Extension Required.”
The Board approved the Tax Levy in the amount of $103,362,710. A combination of 0.7 percent based on the Consumer Price Index (CPI) for inflation and a 2.3 percent estimate to capture new property growth, for a total increase tax levy of 3.0 percent over last year’s extension. A new growth factor of 2.3 percent helps to ensure that the district has the revenue to support new student enrollment that may result from new properties.
“This request offers the district an ability to meet the district’s annual expenses to educate our community’s students, as well as meet rising operational cost due to inflation and growth in student enrollment,” said Assistant Superintendent for Business Services Dr. R.J. Gravel.
Under the Property Tax Extension Limitation Law (PTELL), Cook County school districts are limited to an increase in the property tax levy equal to the current rate of inflation as measured by the CPI (0.7 percent) or five percent, whichever is less. In addition, school districts are able to secure additional revenue from new property introduced to the tax base. School districts, including District 225, commonly approve a levy that is more than they will actually receive because at the time of levy, the value of the equalized assessed valuation (EAV) for new property is unknown. Under state law, school districts have only one chance to capture revenue from new properties. If they fail to ask for that tax revenue at the time those properties first come on to the tax rolls, the districts will never be able to recover the added value later, and that loss of revenue becomes compounded in subsequent years.
“Many factors contribute to how a property owner’s taxes are determined, so it’s important that taxpayers not equate the levy request with an assumed increase in their individual property taxes,” said Gravel.
The estimated tax levy and answers to frequently asked questions are available on the District website.