District 50 raises levy 6.75 percent
HARVARD – Homeowners in District 50 can expect a higher property-tax bill next year to the tune of 3 percent.
The district last week passed a $15.82 million levy – a 6.75 percent increase for the 2013-14 school year. Officials, however, expect to collect only a 3 percent increase plus tax dollars from any growth. The Illinois tax cap law limits annual increases to the lesser amount of 5 percent or the rate of inflation – for this year 3 percent, plus growth. The 6.75 percent increase in the levy ensures the district will not miss out on any tax dollars from growth.
“We have done a balloon levy to capture the value of new growth within the district, but expect to capture much less,” District 50 Business Manager Mary Taylor said.
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