Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
District 21 board approves tentative 2025 tax levy; finance director outlines PTELL impact
Summary
Finance director Mike Zager presented the districts tentative 2025 property-tax levy and the board voted to place the final levy on the Nov. 13 agenda; the presentation explained the Property Tax Extension Limitation Law (PTELL), Cook County equalization factors and the process/timetable for levy extension and collection.
The board voted Oct. 16 to accept the districts tentative 2025 property-tax levy as presented by finance director Mike Zager and to place the final aggregate levy for approval on the Nov. 13 board agenda.
Zager walked the board through the levy process in Cook County, explaining the state equalization factor (Cook County mailed assessed values at 10% and the state equalizes to 33% of market value) and how the county applies the Property Tax Extension Limitation Law (PTELL). He said the boards 2025 tentative levy request asks roughly $117,010,000 (aggregate) to capture new property and cover the districts levy needs; under PTELL the district may increase levies on existing property by the lower of CPI or 5% (the presentation used a 2.9% CPI figure for the year). Zager said the districts levy strategy seeks to pick up new property and stay within PTELL limits for existing property.
Zager noted the county extends the levy (adds a 3% loss factor and issues the actual tax extension) and sends tax bills (typically in two installments); he described filing deadlines and the requirement to present a tentative levy to the board at least 20 days before adoption. The board recorded a roll-call vote approving the tentative levy and scheduling the final levy action for Nov. 13; the recorded votes were: Debbie (Yes), Angelica (Yes), Ileana (Yes), Bill (Aye), Jessica (Yes), Arlen (Aye).
At the same meeting the board approved two transfers to the debt service fund to support construction/debt operations: a transfer from the Education Fund of $845,100 and an additional transfer of $1,010,457 from the (ad) fund to Debt Service. Both transfer resolutions passed on voice roll-call votes recorded in the meeting minutes.
Zager said the district stress-tested the levy and noted the district could absorb a significant assessed-value decline without breaching rate limits, adding that the board would receive the final levy documents and a required public notice and truth-in-taxation information if an increase beyond PTELL thresholds were proposed.
