News Releases
Board of Education Approves Proposed 2005 Tax Levy
A 2005 tax levy projection which anticipates an estimated 5.36% increase (including debt service) in tax revenue for Community Consolidated School District 15 next year was presented to the Board of Education on November 9, by Kevin Nohelty, Assistant Superintendent for Business and Auxiliary Services. The estimated total property taxes to be levied for 2005 are $106,382,017.
According to Nohelty’s calculations, the school district estimates it will collect $91.7 million, an increase of 4.3% in local tax revenue dollars over last years final tax extension. The proposed levy is inflated to account for any new property the district would be able to capture at a tax rate above the Consumer Price Index (CPI). Historically, new property assessments average 1% of the total equalized assessed valuation.
The district’s tax extension will be based on the equalized assessed value of the district, new property, and final state multiplier, which is currently 2.5757. The projected tax rate for 2006 is 2.568. The levy will produce tax revenues that will be received the following summer and fall.
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