YORKVILLE – Yorkville school officials are anticipating more revenue for the school district with its newest tentative property tax levy.
The Yorkville School District 115 Board of Education members voted, 7-0, to approve the tentative property tax levy for the district during the school board meeting on Monday, Dec. 16 at the Yorkville High School library.
Mindy Bradford, executive director of finance and operations for the school district, said the district is looking at the levy increasing by a collective $2.1 million, which then gets split among all taxpayers based on their relative change in the EAV (Equalized Assessed Valuation). She said she is still anticipating a 1.9% consumer price index, or CPI, and $18 million of new construction from Kendall and Kane counties.
Bradford said she is still anticipating the total tax rate for the new levy to be 6.9730, which is lower than last year’s total tax rate at 7.1969.
Bradford said the only thing that’s changing about this year’s levy from years’ past is where the property tax revenue will be allocated on the district’s side.
Bradford said the levy typically works where, year over year, it would allocate revenue based on the prior year and split between different funds that way once the district know what the total amount was. This year, she said, the district really took a look at each individual fund balance policy and what would need to happen to maintain a balance of 20% to 30% of annual revenue minimum year end balance for each fund.
Bradford said that’s also considering expense changes for the district including increased transportation costs, for example.
“While the total [revenue] didn’t change, we did change the allocation by individual fund to make sure that, over the course of our five-year projections, that we are able to keep that 20% to 30% minimum,” Bradford said.
As was presented during the previous school board meeting, Bradford had said that, if an existing property owner’s particular EAV didn’t change, that means they could see a 1.9% increase in the school district’s portion of the property owner’s property tax bill. If a property value increased by nearly 5% for a property that was valued at $250,000 last year, she had said, the average effect felt for that homeowner is estimated to be about a $100 increase as a result of the tentative tax levy.
For a home valued at $200,000 last year, Bradford had said, the average impact would be an increase of less than $100, along with an average increase of nearly $150 for a home valued at $300,000 last year.
The local property tax levy is the largest component of the school district’s annual revenue, school district documents said.
According to school district documents, adjustments to the levy may be made in late March 2020, when actual tax extension information will be known. Those figures are then verified by the Kendall and Kane County clerks before bills are mailed to taxpayers, with the first tax distribution normally being received at the end of May or beginning of June, the district documents said.