Libertyville District 70 to abate taxes
Updated: November 27, 2012 9:06AM
LIBERTYVILLE – Taxpayers in Elementary School District 70 are being spared more than $700,000 in bond payments next year.
Members of the Board of Education on Monday unanimously approved abating taxes for four different bonds the district has issued. This is the second consecutive year the district has dipped into its cash reserves to cover bond payments.
“The decision was due to the economy,” said Kurt Valentin, assistant superintendent of finance and operations. “We wanted to help out our taxpayers.”
Although the district’s bond levies will be abated $730,000 for 2012, residents will not be seeing the amount of taxes they pay to District 70 go down. Because the bond levies were also abated last year, if the district did not follow through with the bond abatements again this year, property taxes for those bond funds would have doubled.
The district will be seeking 4.25 to 4.50 percent more dollars than last year’s levy to capture new construction in the district boundaries.
With the Consumer Price Index already set at 3 percent, and tax caps in place limiting taxing bodies to a 5 percent levy increase or an increase equal to CPI, whichever is less, residents will be financing a levy that is 3 percent higher than last year. However, if the district did not ask for more than the CPI, it would not be able to capture revenue growth from any new construction in the district.
Of the district’s requested $27.6 million levy, $21.9 million goes to the education fund.