District 225 adopts tentative tax levy
On November 12, the Glenbrook High School District 225 Board of Education adopted a tentative tax levy increase of 3.9 percent for tax year 2013. This represents 1.7 percent based on the Consumer Price Index (CPI), and 2.2 percent for the capture of new property growth. The 3.9 percent tax levy request represents total revenue of $97,600,569 (an increase of 3.0 percent from last year's levy). The estimated new growth factor of 2.2 percent helps to ensure that all new growth is properly assessed and accounted.
Under the Property Tax Extension Limitation Law (PTELL), Cook County school districts are limited to a property tax revenue increase of 5 percent or the current CPI (1.7 percent), whichever is less. In addition, school districts are allowed to gain additional revenue from new property introduced to the tax base. School districts, including District 225, commonly levy more than they will actually receive because at the time of levy, the equalized assessed valuation (EAV) for new property is unknown.
"The recommended tax levy allows the District to address rising costs due to inflation and financial challenges resulting from new growth, such as increased student enrollment," said Assistant Superintendent for Business Affairs Hillarie Siena. "School districts only have one chance to capture revenue from new properties as they come onto the tax rolls. If districts fail to ask for the tax revenue at that time, they will never be able to recover it." Siena continued, "It is important that taxpayers not equate the levy as a percentage increase in their personal taxes. The tax levy is only one of a number of factors that determine how much a property owner actually pays."
Even though the Board is not required to host a Truth in Taxation hearing because the levy amount requested is less than 5 percent, it has chosen to do so as a means for further government transparency. The hearing will be held during its regularly scheduled meeting on Monday, December 16, at 7 p.m. in the Glenbrook South High School student activities center.
"The action taken by the Board is consistent with sound fiscal management practices that have helped maintain high quality educational services for students as well as maintain fiscal responsibility for taxpayers," said Board President Skip Shein.
The tentative tax levy and answers to frequently asked questions are available on the District website.
Board approves the bidding of additional parking spots at GBS
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