Tax Levy 2007

Last week we received the results of our 2007 tax levy from the DuPage County Clerk. For FY 2007, our Equalizer Assessed Valuation rose 16.3% percent to a total assessment for all properties within the District to $495,243,849 from $460,020,509 in FY 2006. This growth rate has been very high the last two years as we have had substantial commercial development within the District. Commercial development brings tax dollars to fund operations but no students. Since we receive over 80% of our funding from local taxes this is important information. The total tax levy in actual dollars increased 3.87% this year. The total amount of the levy FY 2007 is $9,077,503 not including debt service.

Property taxes in DuPage County are protected by the “tax cap” which limits the increase of taxes extended to 5% or the Cost of Living Index (CPI). For the 2007 levy the tax cap was 2.5% which restricted any increases to 2.5% of the 2006 extension plus any new construction within the District which is not subject to the cap during the first year. While our extension did rise 3.87% , our actual tax rate fell from $1.76 to $1.68 for all operating funds.

Some historic figures about our tax levy; over the past ten years our EAV has averaged an increase of 9.03%, our average increase in funds for the past ten years has averaged 4.42%, while the tax cap has averaged 2.44% during the same time. New construction growth has averaged 1.98% over the past ten years. Throughout the 16 years we have lived with the tax cap, local tax rates have fallen as EAV increases.