Oct. 28--An increase in Waukegan property tax evaluations is expected to increase residents' tax bills from School District 60, district officials said.
District 60's proposed $51.7 million 2015 property tax levy is up slightly less than 5 percent from the tax dollars sought last year, district officials said at a school board meeting earlier this month.
However, district officials said the actual property tax extension increase will likely be smaller. The district must approve its levy request before the Lake County Assessment Office finalizes district property values, so the district sets high estimates when calculating its levy to make sure it receives all tax revenue allowed under caps on property tax increases, said Gwen Polk, associate superintendent of business and financial services.
District 60 estimates it will actually receive about 1 percent more tax dollars than last year, about $482,000, according to district records.
For a family with a $150,000 home, that means approximately an extra $51 in taxes owed to District 60 compared to last year, district officials said.
The increase isn't due to tax rate hikes, but a roughly 2.5 percent increase in equalized assessed value (EAV) in the district, Polk said. It's the first time the EAV has risen in seven years, district officials said.
In 2009, the assessed value of all district properties was about $1.1 billion, Polk said. It's projected to be about $574 million in 2015, down about 50 percent despite this year's increase, she said.
That's taken a toll on the district's funds for education and operations and maintenance, according to Brian Luosa, the district's grants and budgeting services director.
After the district approved a $210.5 million budget for the 2015-16 school year earlier this month, Luosa said he was concerned about shrinking reserves.
This year's higher property values are expected to increase revenues for the district's education fund for the first time since 2010 by about 1.2 percent, or $325,921, Polk said.
"Should EAV continue to increase in future years, it is logical to assume that increased funds from the tax levy and tax extension process should hopefully assist the district in easing the stress on both the Education and Operations and Maintenance funds," Polk said.
A new budgeting strategy designed to help trim costs should also help, she said.
The school board is expected to vote on approving the levy request at a November board meeting.
lzumbach@tribpub.com
