On November 10, the Glenbrook High School District 225 Board of Education adopted a tentative tax levy amount of $99,833,867 for the 2014 tax year. A combination of 1.5 percent based on the Consumer Price Index (CPI) and 2.2 percent for the capture of new property growth equates to a total tax levy request of 3.7 percent. The estimated new growth factor of 2.2 percent helps to ensure that the value of all new property is properly collected. Taxpayers benefit from a district's ability to capture new growth, because the value of new properties are added to the overall tax base.
Under the Property Tax Extension Limitation Law (PTELL), Cook County school districts are limited to a property tax revenue increase of the current CPI (1.5 percent) or five 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 us to meet our fixed annual expenses, rising costs due to inflation and growing student enrollment," said Assistant Superintendent for Business Hillarie Siena. "School districts only have one chance to capture revenue from new properties. If districts fail to ask for the tax revenue at the time they first come on to the tax rolls, 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 merely a request for the distribution of taxes owed to the District. Many other factors, including individual assessed valuation and allowable exemptions 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 five percent, it has elected to do so as a means for further government transparency. The hearing will be held during its regularly scheduled meeting on Monday, December 15, 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 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 at www.glenbrook225.org. (District departments>Business Operations>Financial Info)