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Moline-Coal Valley presents 2024 tax levy as assessed values rise; rates to remain level
Summary
District staff presented the proposed 2024 tax levy, explained that equalized assessed value (EAV) increases—not rate hikes—are expected to raise total property tax revenue, and flagged a Truth in Taxation hearing on Dec. 9 before final adoption and county filing.
District finance staff presented the proposed 2024 tax levy during the Nov. 12 Moline-Coal Valley CUSD 40 meeting, saying the district will file the levy with Rock Island County in December and hold a Truth in Taxation hearing on Dec. 9. Speaker 5 said the presentation is a formal annual step required to set the maximum dollar extension the district may collect from property taxes.
Presenter details: the district’s revenue mix was described as roughly 70% local, 20% state and 10% federal. Staff told the board the district is not increasing tax rates; instead, Rock Island County’s recent reassessments have increased equalized assessed values (EAV). The presenter said the district’s EAV estimate rose by about 8.37% and that the projected extension could total approximately $56,035,381 compared with roughly $51,000,007 for the prior year.
On homeowner impact, the presenter gave an example: with an 8.37% EAV increase, a $100,000 home would see an estimated $139 annual increase in property taxes even though the district’s tax rate was unchanged. The presenter reiterated that the maximum educational rate shown in the materials remains unchanged and that increases in dollars are driven by assessed-value growth.
Timeline and next steps: staff outlined the levy schedule: presentation tonight, Truth in Taxation hearing and board adoption on Dec. 9, and county filing on Dec. 17. The presenter also reviewed EAV history and a 20-year trend showing a notable uptick beginning in 2022. Staff said part of the EAV increase reflected a TIF expiration year and broader residential value increases.
Board members asked clarifying questions about whether levy changes would affect preschool expansion or program funding. Presenters said the levy request reflects assessed-value changes and that program expansion planning (including preschool outreach and enrollment questions) is proceeding separately; exact program funding allocations were not specified in the presentation.
The presentation was informational; no final levy adoption vote was recorded at the meeting. The district will proceed to the required Truth in Taxation hearing on Dec. 9 and subsequent board adoption and county filing.
