Consolidated School District 158 Levy Year 2010 Property Tax Update
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.
Tax Rate CPI EAV Tax Rate CPI, EAV & Tax Rate CPI EAV Tax Rate CPI EAV
Shifting of Tax Burden Overview Subject to Reflects a Taxing District’s Needs 2.7% PTELL * (The Levy) $61M Increase ** The Allocation (Managed by the Township and County Assessors, based on assessed values) 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 EAV -30% EAV -15% EAV -5% EAV Flat District Tax Rate 3,367 4,089 4,570 4,810 61,171,097 2011 Property Tax - McHenry 4.81 # -18% -1% 11% 17% 2.7% ^ 3,465 4,208 4,703 4,950 2011 Property Tax - Kane 4.95 # -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 Equalized Assessed Value (EAV) Reduction District Tax Rate -35% -30% -25% -20% -15% -10% -5% 0% 3,127 3,367 3,608 3,848 4,089 4,329 4,570 4,810 2011 Property Tax - McHenry 4.81 # -24% -18% -12% -7% -1% 5% 11% 17% 3,218 3,465 3,713 3,960 4,208 4,455 4,703 4,950 2011 Property Tax - Kane 4.95 # -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 All amounts are estimated
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