FISCAL YEAR 2025-26 BUDGET REAL ESTATE TAX – ASSESSED VALUATION & TAX RATES Real Estate Tax provides approximately 47.09% of the District’s total revenue. The District Tax Levy Ordinance is passed by the Board of Commissioners and filed with the County of...
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FISCAL YEAR 2025-26 BUDGET REAL ESTATE TAX – ASSESSED VALUATION & TAX RATES Real Estate Tax provides approximately 47.09% of the District’s total revenue. The District Tax Levy Ordinance is passed by the Board of Commissioners and filed with the County of Lake by the last Tuesday of December. The levy amounts for each tax are extended against the assessed valuation of that year. The tax extension is subject to statutory rate limitations in some instances. If the aggregate extension exceeds the limiting rate, the extension must be reduced to the limiting rate. The Property Tax Extension Limitation Law (PTELL) of 1991 imposed additional restrictions of the District’s tax extension. The law limits the growth in the amount of taxes to be extended to the lesser of 5% or the percentage increase of the Consumer Price Index (CPI) for the calendar year preceding the levy year. An allowance for new property is also provided for in the calculation of the limitation. Several times a year, conversa
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