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posted: 10/25/2012 12:08 PM

District 54 estimates 2012 tax levy

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Submitted by District 54

The District 54 School Board approved a resolution estimating its 2012 tax levy at $158,813,264, exclusive of debt service. The requested 2012 levy is 1.97 percent higher than the 2011 final extended levy of $155,737,584.

The tax rate is subject to the tax cap legislation. The most District 54 can receive from existing property owners is 3 percent more than last year's levy; however, the increase may be less. School districts also receive additional property taxes from new construction. Last year's growth in new construction was 0.21 percent of the prior year EAV in District 54. However, property owners may notice a greater increase on their property tax bills, based on the Cook County assessment process.

In addition to the tax levy for programs and services, the District 54 aggregate levy usually would include an amount necessary to retire a portion of the principal and interest on our bonds. The school board has elected to forgo the issuance of bonds to pay for upcoming capital needs, instead using accumulated reserves to pay for those projected costs. The Bond & Interest levy was $9,409,050 in the 2010 levy, $0 in the 2011 levy and will be $0 again in the 2012 levy.

A public hearing will be held on the estimated levy at 7 p.m., Nov. 15, in the boardroom at the District Office at 524 E. Schaumburg Road in Schaumburg. For more information, call Ric King, assistant superintendent of Business Services, at (847) 357-5011.