The District 64 Board of Education adopted a tentative estimated property tax levy at its regular meeting on Oct. 28. The tentative levy totals $70.3 million for 2019, a 4.87 percent increase over the previous year. District 64 will actually be limited to receive a 1.9 percent increase plus the taxes associated with new construction, as allowed under the tax cap (Property Tax Extension Limitation Law).
The percentage increase was deliberately set high enough to capture the full tax benefit of new construction in the District. If the levy is set too low, the Board runs the risk of missing out on tax revenue available from new construction. The loss of such revenue would continue and be compounded into future years.
The Board set a public tax levy hearing for 6:45 p.m. on Monday, Nov. 11 during its regular meeting at Lincoln Middle School, 200 S. Lincoln Avenue, Park Ridge. The Board is scheduled to adopt the final levy at its regular meeting on Dec. 16.