TRUTH IN TAXATION NOTICE
Notice of Proposed Property Tax Increase for Lake Villa C.C. School District #41, Lake County, Illinois.
I. A public hearing to approve a proposed property tax levy increase for Lake Villa C.C. School District #41, Lake County, Illinois for 2024 will be held on the 16th day of December 2024 at 7:00 o’clock p.m. in the Administration Center, 131 McKinley Ave, Lake Villa, County of Lake, Illinois.
Any person desiring to appear at the public hearing and present testimony to the taxing district may contact Dr. Sandra Keim-Bounds, Superintendent of Schools, 131 McKinley Avenue, Lake Villa, County of Lake, Illinois, 847/356-2385.
II. The corporate and special purpose property taxes extended or abated for 2023 were $21,981,640.39
The proposed corporate and special purpose property taxes to be levied for 2024 are $23,018,835.00. This represents a 4.7% increase over the previous year.
III. The property taxes extended for debt service and public building commission leases for 2023 were $2,267,274.09
The estimated property taxes to be levied for debt service and public building commission leases for 2024 are $2,614,150. This represents a 1.8% increase over the previous year.
IV. The total property taxes extended or abated for 2023 were $24,548,914.48.
The estimated total property taxes to be levied for 2024 were $25,632,985.00. This represents a 4.4% increase over the previous year.
V. The taxing district has estimated its equalized assessed valuation to secure new growth revenue and must adhere to the Property Tax Extension Limitation Law (PTELL or “tax cap” law). PTELL limits the increase over the prior year in the property tax extension of the taxing district to the lesser of 5.0% or the percentage increase in the Consumer Price Index (CPI), which is 3.4%
s/s Debbie Walsh
Secretary, Board of Education