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March 15, 2016 — Illinois Primary Election

Shall the Limiting Rate of the Property Tax Be Increased

Special District
March 15, 2016Illinois Primary Election

High School District 220
Increase Limiting Rate -

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Shall the limiting rate under the Property Tax Extension Limitation Law for Reavis High School District 220, Cook County, Illinois, be increased by an additional amount equal to .29% above the limiting rate for the purpose for which the School District is organized for levy year 2014 and be equal to 2.972% of the equalized assessed value of the taxable property therein for levy year 2015?

1) The approximate amount of taxes extendable at the most recently extended limiting rate is $22,027,824, and the approximate amount of taxes extendable if the proposition is approved is $24,412,540.

2) For the 2015 levy year the approximate amount of the additional tax extendable against property containing a single family residence and having a fair market value at the time of the referendum of $100,000 is estimated to be $79.03.

3) If the proposition is approved, the aggregate extension for 2015 will be determined by the limiting rate set forth in the proposition, rather than the otherwise applicable limiting rate calculated under the provisions of the Property Tax Extension Limitation Law (commonly known as the Property Tax Cap Law).

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