District 203 Tax Abatement

School District 203 is providing some financial relief to taxpayers living in their area.

At their last meeting, the school board voted to abate the 2012 tax levy for two general obligation school building bonds issued in 2008 totaling $43 million.

At that time, a referendum authorized the district to increase the portion of property taxes paid to the school by 4.5% to repay those bonds.

The latest abatement reduces that to 3%, saving taxpayers $17.9 million, roughly 26% less than the $67.85 million projected at the time of the referendum.

And there’s good news for the city of Naperville as well.

Finance Director Karen DeAngelis has reported a general fund surplus balance of $10.3 million for fiscal year 2013.

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