A tax levy of $11.8 million for the December 2009 levy, payable for the 2010-11 school year, was approved by the Illinois Valley Central District 321 school board at its Dec. 15 meeting.
The levy is an increase of $400,000 from last year’s levy of $11.4 million.
Patrick Hatfield, assistant superintendent, gave a presentation during the tax levy hearing and explained the reasons for the amount.
Though the district is asking for $11.8 million, most likely the district coffers will receive $11.4 million.
“The extension is the actual amount of taxes we will receive,” Hatfield said. “We know that extension is never really what we ask for. We are going to ask for a pretty good amount, and the extension is usually quite a bit less.”
Hatfield said the district talked with the county assessor a couple of months ago to get an idea of what the Equalized Assessed Value would be.
“We have a little confounding factor that is thrown into the mix this year, and that is the increase in the general homestead exemption,” he said.
The exemption serves to decrease the EAV in the district, so they will likely see growth of only 1.8 percent, he said.
For the levy creation, some of the funds have the amount set by what the district needs, he said.
Those include the tort/liability, Illinois Municipal Retirement Fund, Social Security and bonds.
The other funds — including special education, fire/safety and transportation, among others — are rates set by a referendum or a legal requirement.
Patrick said the county assessor has been very accurate in the predictions over the years.
“They had a new piece of software that was installed about four or five years ago that helped them a little bit with those projections,” he said.
With the $11.8 million, the district would see a total tax rate of 4.5 percent, he said.
Hatfield compared 2009 with 2004, when the district also experienced a spike in tax rates because of the increase in the homestead exemption.
“That had an impact on our tax rate that year,” he said. “And we are seeing a little bit of that same effect here this year.”
In other action and discussion, the board:
• heard a construction update by superintendent Dr. Nick Polyak about the progress at South School. He said crews have plans to be completely under roof in the upcoming week, with only the north connector hallway roof and 25 to 30 percent of the gym roof to finish.