Lyons Township High School eyes 4.6 percent tax levy increase
Updated: December 30, 2012 6:11AM
LA GRANGE — Lyons Township High School District 204 plans to seek a 4.6 percent increase in the 2012 tax levy, reflected on tax bills payable in 2012.
The total tax levy is projected to rise from $58.9 million in 2011 to $61.6 million in 2012. The totals for each year include $2.2 million for debt service.
The 4.6 percent increase is based on the Consumer Price Index of 3 percent, set in December 2011, plus the remainder, or 1.6 percent, for growth in new property added to the tax rolls, according to the tax cap law.
The School Board gave tentative approval to the proposed levy Nov. 19, which will be considered for adoption at the next meeting, 7:30 p.m. Dec. 17 at the LT North Campus, 100 S. Brainard Ave., La Grange.
The proposed levy’s effect on tax bills payable in 2013 won’t be known until Cook County authorities calculate the district’s total equalized assessed valuation and amount of actual new property growth in September or October 2013.
On tax bills payable in 2012, LT’s 2011 tax rate was $1.92 per $100 equalized assessed valuation. LT’s share of the tax bill on a home with a fair market value of $400,000 was $2,197.31.
The proposed levy anticipates a 4 percent decrease in property values from 2011 due to Cook County’s triennial reassessment from $3.1 billion to $2.9 billion. The best-case scenario includes $45 million in additional new property.
David Sellers, LT business manager, cautioned that the actual increase in new property growth is anticipated at $24 million.
At the very least, the district expects the base level increase of 3 percent under the tax cap law to bring in an additional $1.7 million in tax revenue collected in 2013.