Levy Year 2010 Property Tax Update Levy 2010 Update & Key - - PowerPoint PPT Presentation

Levy Year 2010 Property Tax Update

Consolidated School District 158

Levy 2010 Update & Key Points

• In accordance with PTELL, the District increased its levied

taxes from prior year’s extension by CPI, or 2.7% - From $59.2M to $60.7M.

• Estimated aggregated EAV, at the time of the 2010 Levy,

approximated a 5% decrease in EAV. Actual EAV for the District, after Board of Review and the State equalizer, resulted in an approximate $171M, or 12% decrease in

• EAV. Kane’s EAV decreased 2.77% versus McHenry’s EAV

decreasing 14.1% (after the State Equalizer).

• New Construction was estimated at $11.61M and came in at

$11.70M

Levy 2010 Update & Key Points

• For the first time in 28 years, the Illinois Department of

Revenue issued a State multiplier (equalizer) to McHenry County of 3.48% .

• The District’s Tax Rate, as a result of the above, increased

from $4.12 in prior year to approximately $4.88 in the current year. The McHenry County rate approximates $4.81 and the Kane County rate approximates $4.95.

• The result of the above, is a major shifting of the tax

burden within the District.

CPI, EAV & Tax Rate

CPI CPI CPI EAV EAV EAV Tax Rate Tax Rate Tax Rate

Shifting of Tax Burden Overview

Taxing District’s Needs (The Levy) $61M Subject to PTELL *

The Allocation

(Managed by the Township and County Assessors, based on assessed values) Reflects a 2.7% Increase **

Reflects a shifting of property tax due to the significant number of properties reassessed.

* PTELL protects property tax payers by limiting the increase in property tax extensions (from taxing bodies) to 5% or CPI, whichever is less. ** Prior year’s levy increase, excluding new construction, was at CPI of .01%

Impact of Declining Assessed Values

Assumptions

Assessed Value 300,000 Equalized Assessed Value 100,000 Per $100 of EAV 1,000 Scenario 1 Scenario 2 Scenario 3 Scenario 4 District Tax Rate

EAV -30% EAV -15% EAV -5% EAV Flat District

2011 Property Tax - McHenry 4.81 #

3,367 4,089 4,570 4,810 61,171,097

• 18%
• 1%

11% 17% 2.7% ^ 2011 Property Tax - Kane 4.95 #

3,465 4,208 4,703 4,950

• 16%

2% 14% 20% 2010 Property Tax ('09 Levy) 4.12 4,120 4,120 4,120 4,120 59,177,271

# Kane County's rate approximates $4.95, McHenry County's rate approximates $4.81 - The difference in rates is due to the State Equalizer ^ Before New Construction

All amounts are estimated

Matrix of Potential Impact by County

Assumptions

Assessed Value 300,000 Equalized Assessed Value 100,000 Per $100 of EAV 1,000 District Tax Rate

• 35%
• 30%
• 25%
• 20%
• 15%
• 10%
• 5%

0% 2011 Property Tax - McHenry 4.81 #

3,127 3,367 3,608 3,848 4,089 4,329 4,570 4,810

• 24%
• 18%
• 12%
• 7%
• 1%

5% 11% 17% 2011 Property Tax - Kane 4.95 #

3,218 3,465 3,713 3,960 4,208 4,455 4,703 4,950

• 22%
• 16%
• 10%
• 4%

2% 8% 14% 20% 2010 Property Tax ('09 Levy) 4.12 4,120 4,120 4,120 4,120 4,120 4,120 4,120 4,120

# Kane County's estimated rate approximates $4.95, McHenry County's estimated rate approximates $4.81 - The difference in rates is due to the State Equalizer

Equalized Assessed Value (EAV) Reduction

All amounts are estimated