The school board was presented with a tentative tax levy requesting approximately $283 million, which would include both bond and interest tax.
Last year, homeowners were expected to see an $86 tax increase but thanks to a market on the rise, this year would only mean an extra $6.95 for the average $300,000 homeowner. This suggested levy would be roughly a 0.8% increase per household.
“With the most recent update, we are expecting $55 million in new property in both DuPage and Will counties. This increase from our estimates represents $900,000 in additional revenue from our projections”, said Jay Strang, Chief School Business Official for District 204.
According to the district, the value of properties in DuPage County have risen by about 7% and about 3% in Will County.
With schools receiving the majority of their funding through property taxes, the district focused on local housing market projections and how a growing market could potentially lower tax rates.
The board unanimously approved the tentative budget and will hold a public notice and hearing on December 7th.
Naperville News 17’s Rachel Pierson reports.
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