Lack of new growth adds to school deficit
by Susan O’Neill
KANELANDâ€”Kaneland School District officials expect a substantial decrease in new property taxes due to the virtual standstill of residential development within the district. That decrease in revenue growth adds to the district’s budget deficit and will also translate into a higher tax bill for current district residents.
Julie-Ann Fuchs, Assistant Superintendent for Business, said that a recent estimate from the Kane County assessor puts the Equalized Assessed Value (EAV) of new construction at approximately $8.5 million for 2009, down from $21 million in 2008.
Fuchs said the district has typically received millions more in new money in recent years. In 2006, more than $65 million was added to the district’s EAV from new growth. This year’s projected new growth EAV of $8.5 million represents a smaller increase from last year.
Each taxing body must file its tax levy for the upcoming year prior to the last Tuesday of the calendar year. The School District is considering raising the levy to $4.12 per every $100 of EAV for their 2009 taxes, an increase of 14 cents per $100 of EAV.
This will increase the levy to a little more than $38 million, and the School District can expect to collect an additional $386,000 more in 2010 than in 2009.
For a homeowner of a $250,000 home, this will translate to an additional $116 in property taxes.
A truth-in-taxation levy hearing will take place on Monday, Dec. 14, with filing scheduled for Tuesday, Dec. 22.