The Wizard of Oz
Tax Levy FAQ
Tax Levy Information for Public
Frequently Asked Questions:
What is a property tax levy?
The amount of money that a taxing body (school district, county, municipality, etc.) requests from property tax.
What is the extension?
The final dollar amount approved to be given to the taxing body.
What is the EAV?
The EAV refers to the “equalized assessed value” of property; generally, one-third of the projected market value of a property ($100,000 property has an EAV of $33,333); for a school district, the total EAV is the sum of the EAV of all property within the district boundary. These amounts are determined by local property assessments.
Why is a property tax levy so important for our school district?
Property taxes make up more than two-thirds of Robinson CUSD #2’s funding. Each year, the district, requests a tax levy increase to match the projected EAV growth in the district. This year’s projected EAV increase is 9.22%. Over the course of the past several years, districts have seen an influx of federal funds. Those federal funds are no longer available for districts to use.
What is Truth in Taxation?
By law, any taxing body that levies an increase at or above 5% from the previous year is required to notify the public of the request. This notice is known as a Truth in Taxation notice.
Why would a district request an increase higher than the projected EAV growth?
School districts typically request a rate higher than the projected growth to ensure that they are able to receive all of the tax revenue that is allowable by law. State funding formulas are established in a way that forces districts to maximize their local tax revenue in order to receive all of their available state funding. In other words, under-levying locally could also translate to a loss of state funds. This year’s levy represents an increase of 10.32%. Again, this request is directly related to the projected EAV growth of 9.22%. This will allow us to maximize revenue from the growth in EAV, while minimizing the effect on the local tax rate. Please keep in mind that a 10.32% levy does not equal a 10.32% tax increase.
What if the EAV projection is wrong?
The tax levy is based on the EAV projection. In other words, this number may look differently after final calculations are received. Certain funds that are levied for have rates that have been legally established. School districts may not levy above those limiting rates. For example, the Education Fund has a limiting rate of 2.00%. If the EAV projection is lower than anticipated, the school district will only receive 2.00% of the EAV, not the dollar amount on the levy. This is also true of several other funds that appear on the levy.
Tentative Certificate of Tax Levy
It is getting close to the time of year where taxing bodies (municipalities, government entities, and school districts) prepare and then approve their annual tax levies. School districts are typically the largest taxing bodies in their communities. Robinson Community Unit School District No. 2 is no different. The Board of Education will be considering the tax levy for approval at its December meeting on December 16th. This will be the tax levy, or request, for taxes to be extended in the fall of 2025 (next year). Robinson CUSD 2 bases its levy on the projected Equalized Assessed Valuation (EAV) of all properties within the district boundaries. This year’s EAV is projected to increase by 9.22%. The tentative tax levy shown below is aimed at capturing that increase while minimizing the effect on the tax rate. The following tax levy shows an overall increase of 10.32%.
Illinois Report Card
The Illinois Report Card is an annual report released by the Illinois State Board of Education that shows how the state, and each school and district, are progressing on a wide range of educational goals. The Report Card offers a complete picture of student and school performance in order to inform and empower families and communities as they support their local schools.
