The Commercial-News, Danville, IL

Local News

November 12, 2012

District board looks at tax levy

DANVILLE — With Danville School District 118 officials now anticipating less of a decrease in the area’s equalized assessed valuation than originally expected, the school board Wednesday will consider a slight increase in tax rate that still could result in homeowners paying less taxes to the district.

District 118 Business Director Heather McKiernan said Vermilion County Supervisor of Assessments Matt Long now estimates a decrease in the school district’s equalized assessed valuation of 5.42 percent for 2012, rather than 9 percent as previously projected.

McKiernan explained that last year the state added a 4.11 percent multiplier on the area to temporarily decrease the value of the area’s properties. That temporary multiplier has expired.

Without the 4.11 percent multiplier, the area’s equalized assessed valuation still is expected to decrease 5.42 percent, which means a total loss in tax revenue to the school district of $325,314, but is better than the original projected loss of $795,984 had the equalized assessed valuation declined 9 percent.

With the new information, McKiernan said she is recommending the school board levy for a 0 percent increase/decrease, which will negate the district’s risk of losing money if there is less of a decrease in equalized assessed valuation than has been anticipated. The school district, therefore, will only collect tax money based on the actual equalized assessed valuation determined in the spring.

“We’re hoping the state won’t put on another multiplier,” she said. “I’m recommending a 0 percent levy, knowing we’re going to see a 5.42 percent decrease.”

On Wednesday, school board members will consider setting the 2012 tax rate at $5.19 per $100 equalized assessed valuation, which is payable in 2013 and is an increase from the current tax rate of $5.03 per $100 equalized assessed valuation.

Despite the slight increase in tax rate, homeowners will see a decrease in the amount of tax they will pay to the district due to the lower equalized assessed valuation.

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