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District 62 warned of sharp drop ahead in corporate personal property replacement tax revenue
Summary
Staff told the board the district's corporate personal property replacement tax receipts rose during 2021–23 but are projected to decline to approximately $4.9 million this fiscal year and the district is budgeting $3 million for next year.
District finance staff warned the Board of Education on April 21 that corporate personal property replacement tax (CPPRT) receipts, which the Illinois Department of Revenue distributes to taxing bodies, have fallen sharply from pandemic-era peaks and could decline further next year.
A district presenter said CPPRT receipts historically were between $3 million and $3.5 million annually before…
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