DeKALB – Three different options for the 2019 tax levy for District 428 are on the docket, including two options to raise the rate homeowners will have to pay on their tax bill, and one to lower it by less than 1%.
According to district documents, the D-428 Board of Education will weigh all three options Tuesday during its board meeting, set for 7 p.m. at the DeKalb Education Center, 901 S. Fourth St. The tax levy season is underway, with a public hearing set for Dec. 5.
Option 1 would maximize the levy request, according to documents, and increase the rate by 5%, which would cost a DeKalb homeowner with a $150,000 market value on their home $164 more in taxes. Documents show this option does not include bond or interest abatement.
Option 2 also would include a tax rate increase, at 2%, or an extra $67 to the homeowner, documents show. It also would capture new estimated growth from the equalized assessed value of the city’s expired tax increment finance districts, known as TIF 1 and TIF 2.
Option 3 is the only option that would include a decrease to the taxpayer, documents show, with a 0.2% decrease, or a savings of $6 on homeowners’ 2018 tax bill.
The decrease is because of $2.2 million in bond abatements, documents show.
According to the district’s budget, 49% of the district’s operating funds come from property taxes, with the second-highest source of revenue coming from state funding.
In 2018, the district’s board of education voted to maintain the tax levy rate, resulting in no increase for most homeowners in DeKalb.
The 2019 tax levy process begins Tuesday, with the board expected to make a request, or choose an option, which then will be posted to public forums per state law at least 20 days before adoption. The December meeting will include a public hearing and a final board vote to approve.
In spring 2020, tax rates will be established by the DeKalb County assessor, and taxes collected May through November 2020, which will contribute to the fiscal 2021 budget.
Source: The Daily Chronicle