Algonquin-based Community District 300 asking for 7.92% property tax levy increase

To capture the dollars from new property Algonquin-based Community School District 300 expects will come on the books next year, the district’s school board will consider asking for a tax levy 7.92% higher than what it received last year.

Chief Operating Officer Susan Harkin told board members during a Tuesday meeting that if the average homeowner of a $200,000 house didn't see an increase in their property value assessment, they would see an
$8 decrease on the District 300 portion of their tax bill.

However, if this same homeowner saw their property value increase 2%, this would mean a $65 increase in what they would pay to District 300.

“We’re sensitive that the tax environment’s a tough one, but we’re doing our best to help protect our taxpayers and still provide an excellent education to our families and students,” Harkin said.

Last year, the total tax levy extension was $205 million and the tax rate was 5.48%. This year, the tentative amount the district is asking for is about $221 million.

However, the district noted it overestimated its request to accommodate any unforeseen variances related to property assessments and new property value in the area.

School districts and certain other local taxing bodies are limited in how much they can increase their levies, or the total amount they collect in property taxes, to the rate of inflation plus new growth, such as a new subdivision or an addition on a home.

District 300 is estimating $250 million in new growth. This includes money from a tax increment financing district set to expire in Carpentersville.

The district will be allowed to collect taxes on about $7.1 million in property value that it hadn’t been able to before, Harkin said.

The school board also is set to discuss a property tax abatement to reduce the amount that will be charged to taxpayers for debt payments, Harkin said.

In November, she said, the district will ask the board to adopt a resolution allowing for a $187,000 abatement.

A public hearing on the tentative tax levy and a vote on its adoption are set for Dec. 8.