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District 88 reviews preliminary 2025 property tax extension; EAV rises to $4.02 billion
Summary
District staff presented the preliminary property tax extension and assessed-value figures on May 5. The equalized assessed value rose 7.95% year over year to $4,022,403,155; net new property added about $15.1 million, and staff noted a small projected reduction in June collections versus earlier estimates.
District 88 staff presented the preliminary property tax extension data for 2024 (taxes collected in 2025) at the May 5, 2025 board meeting, outlining how recent valuation trends and state rules will affect collections in the coming fiscal year.
Why it matters: Property-tax levies and equalized assessed value (EAV) determine local revenue available to the district. Changes to new-property values, CPI, and county-level adjustments affect the district's tax rate and expected receipts.
What staff reported: - Equalized assessed value (EAV): $4,022,403,155, a 7.95% increase year over year. This is the tenth consecutive annual increase in the district's EAV. - Net new taxable property: approximately $15,100,000. That figure is roughly half of earlier local estimates and considerably lower than the prior year's net new property (about $30,600,000). - Preliminary property tax extension (excluding debt service): $69,056,617.36, an actual increase of 3.84% or about $2,551,977 over the prior year extension. The district's earlier levy request had been $69,763,367 (a 4.9% increase); the preliminary extension is $253,000 lower than that estimate after accounting for net-new property shortfall and CPI adjustments. - County program additions: the county clerk's added aggregate refund line (per 2021 law) increases this year's extension by $305,703 to allow for recovery of prior taxpayer refunds (PTAB, certificate of errors, circuit court settlements). - Tax rate effect: higher EAV reduces the rate needed to generate the approved revenue; the district's combined tax rate (including debt service) is approximately 1.9977 per $100 of EAV, down 0.0869 from the prior year's rate of 2.0846. - Timing and collections: June 2025 collections (from the extension) are expected to fall within the current fiscal year; staff estimate collections could be about $127,000 lower than earlier projections based on normal collection trends.
Caveats and next steps: staff noted the property-estimating process remains volatile until final breakdowns by township and property type are issued by the county clerk; the district will continue to monitor actual receipts and report updates in future financial reports.
Source: presentation to the board by district business staff; figures presented as part of the budget-status/preliminary levy packet.
