Oswegoland Park District board members recently held a public hearing before voting to approve a property tax levy that may increase the taxes on a home assessed at $250,000 by an estimated $2 per year.
Rich Zielke, executive director, said the total property taxes extended for 2017 were $6,430,552. The estimated total property taxes to be levied for 2018 are $6,887,589. He said this represents a 7.11 percent increase over the previous year.
Since the park district is working with estimates from Kendall and Will counties, agency officials expect to receive less than what it requests from the two counties.
He said the counties do not provide the final numbers until spring. For example, Zielke said, last year the district requested $6,763,759 and received $6,430,552.
Since the inception of the tax cap law in 1995, the park district does not have the discretionary ability to raise its tax levy.
Zielke said the district is subject to two sets of tax limits: rate limits that restrict the maximum rates that can be levied for a particular purpose, and the tax caps, which limits the total dollar increase in the levy to the lesser of 5 percent or the Consumer Price Index as published by the Illinois Department of Revenue, excluding new construction/annexation.
New construction is not subject to the limitations imposed by tax caps, Zielke said.
He added that it has been the practice of the park district to increase its levy extension above what it expects to receive in order to capture any new valuation growth. This is done as a means to ensure that the tax burden is equitably spread over all new construction in the district.
This year, the park district’s tax rate was 0.4668 cents for every $100 of equalized assessed valuation.
Under that rate, the owner of a home valued at $200,000 that did not claim any available exemptions paid $311.19 in property taxes to the district.