Why property taxes won't increase as much in Dist. 203
Homeowners in Naperville Unit District 203 likely are in store for a smaller property tax increase to pay for schools than they've faced in the recent past.
Chief Financial Officer Brad Cauffman said increases in property values are allowing the district to lower its property tax rate, which will amount to a smaller increase in what owners will owe this year compared to last year.
"It's good news that the home values are recovering," Cauffman said.
The owner of a $375,000 house - the average in the district - is expected to owe $53 more in property taxes for the 2015 levy, bringing the total to $7,096.
Last year, the average taxpayer owed $7,043, but that was $102 more than what was charged the previous year.
The projected $53 increase also is less than half the increases in 2013 and 2012, which were $114 and $187, respectively.
Property taxes are important for supporting education because they account for 85 percent of the district's revenue, Cauffman said. For 2015, the district aims to collect a total of $232 million from its property tax levy - up from $228 million last year and $223 million in 2013.
That levy includes taxes expected to come from up to $50 million worth of new property development within the District 203 boundaries in parts of Naperville, Lisle and Woodridge.
Board President Terry Fielden said houses that are torn down and rebuilt count as new development. And teardowns are becoming more common again in the Naperville area.
Now that the tax levy estimate has been presented, the school board is expected to approve it during a meeting at 7 p.m. Monday, Dec. 21, at the administrative center, 203 W. Hillside Road.