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Round Lake CUSD 116 explains how Illinois limits its property tax levy
Summary
The district’s CFO, T. A. Amsoll, explained how Illinois’s Property Tax Extension Limitation Law (PTEL) limits levy increases to the lower of CPI or 5%, how equalized assessed value (EAV) and new construction affect final revenue, and why the district may request slightly higher figures as a safeguard.
T. A. Amsoll, chief financial officer for Round Lake CUSD 116, said the district’s property tax levy is the formal request to Lake County for the property tax revenue it will seek for the coming year. "The levy is the school district's formal request to Lake County for the amount of property tax revenue we need for the upcoming year," Amsoll said.
Amsoll explained that the levy determines only the district’s portion of a homeowner’s tax bill, not the entire bill. He said the district’s portion accounts for "above 60% of your tax bill," and this briefing focused on how that district share is computed and limited.
Under Illinois law…
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