Valley View School District 365U board members will review a proposed 2012 tax levy Tuesday night.
The board will vote at Tuesday's meeting to set an estimated 2012 levy. It will then vote Dec. 10 to adopt a final 2012 levy.
The tentative levy request would seek just more than $153 million in property taxes, which make up about 70 percent of the district’s revenues. The amount represents a 4.21 percent increase over last year’s extension of $147 million.
While the final levy is scheduled to be adopted on Dec. 10, the district will have until April 1, 2013, to make adjustments.
According to a report from Assistant Superintendent for Admistrative Services Gary Grizaffi, the requested levy amount will likely be higher than the actual levy. That’s because this year’s equalized assessed valuation (EAV) of all properties within the district and new property values are still unknown.
By approving the tentative levy, the district will be able to request the maximum amount of property tax dollars allowable under tax cap laws. For 2012, any levy increase is capped at 3 percent.
If the final extension approved is in excess of the amount of funding actually needed, the board has until the spring to abate the excess taxes.
To view this year's tentative levy proposal, click here.
Editor's note: Patch editor Shannon Antinori contributed to this report.
|Fund||2011 Extension||2012 Levy||Increase (Decrease)|
|Operations & Maintenance||$13,797,250||$14,767,898||7.04%|
|Il. Municipal Retirement||$1,938,683||$2,075,072||7.04%|
|Total Levy (Less: Debt Service)||$125,750,584||$130,379,551||3.68%|
Chart is from Valley View School District 365U.
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