by Keith Beebe
KANELAND—Kaneland School Board members on Monday voted 5-1 to approve the 2013 tentative tax levy.
Board member Tony Valente voted against the tentative levy.
The total tentative tax levy is $50,790,145, with an estimated total Equalized Assessed Valuation (EAV) of $754,311,757 ($745,311,757 in existing EAV and $9,200,000 in new construction). This estimate represents a 7 percent decrease from last year’s existing EAV of $797,495,995—and a 5.85 percent decrease from last year’s total EAV of $801,195,438—and also sets the limiting rate for 2012 at 5.3459 percent, revealing a total estimated operating tax extension of $40,324,572.
According to a document from Dr. Julie-Ann Fuchs, assistant superintendent for business, it has been the custom of the board to ensure that the School District receive the maximum property taxes allowable under the Property Tax Extension Limitation Law (or “tax cap”).
“With unstable federal and state tax revenue streams, our local tax levy is essential to our School District. Without it, the $6 million in cost reduction over the last three years would have been much higher,” Schuler said. “In a time of declining EAV, tax rates will increase to provide the dollars needed for the levy. However, the School District would not be able to provide the educational services our community expects without the levy.”
As for impact on Kaneland taxpayers, the approximate tax bill for the district in 2012 would be $4,443 (increase of $469 from 2011) for a home valued at $200,000, $6,664 (increase of $702) on a home valued at $300,000, $8,885 (increase of $936) on a home valued at $400,000, and $11,107 (increase of $1,170) on a home valued at $500,000.
The School Board is slated to review changes to the tentative tax levy and finalize fund distribution at the meeting on Monday, Nov. 26, and hold a hearing and final approval at the meeting on Monday, Dec. 10. Filing would then take place on Tuesday, Dec. 11.