District 204 levies for uncertain financial future

Property taxes are going up again for the average homeowner in Indian Prairie Unit District 204.

The school board this week approved a tentative property tax levy of just more than $248 million, an 8 percent increase over last year. However, the district only expects to receive a 5.3 percent increase after tax cap figures are finalized in April.

The levy includes $212 million for operating expenses and $27.9 million toward the district's 3-year-old debt restructuring program.

Assistant Superintendent for Business Dave Holm said the district expects to receive an increase in its tax proceeds equal to the rate of inflation plus any new money generated from new property.

"The consumer price index views the (tax) cap as 4.1 percent this year," Holm said. "The district is therefore entitled to an increase of 4.1 percent and nothing more than that on existing property plus any amount of new growth."

Holm said the levy also is based on the district's anticipated spending for fiscal 2010, which includes the opening of Metea Valley High School and Fischer Middle School.

"We're experiencing a global financial crisis with weakening U.S. and Illinois economies and we're sensitive to that fact and recognize that there are those in the community who are experiencing particularly tough times financially," Holm said. "We cannot immunize the district from the effects of the recession. Our philosophy is to plan for the worst and hope for the best."

Despite increasing its take by about $12 million, the tax rate for residents in Indian Prairie, which includes portions of Naperville, Aurora, Bolingbrook and Plainfield, will drop about 4 cents this year to $4.45 per $100 of Equalized Assessed Value.