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Wilmette SD 39 previews 2024 tax-levy estimate, warns of reassessment swings
Summary
District staff told the board the district's estimated tax-levy request for the 2024 year would be about a 5.8% increase (3.4% CPI plus 2.4% for new growth) and explained how equalized assessed value, CPI and new property growth shape the levy and timing for taxpayer bills.
District staff on Monday walked the Wilmette SD 39 Committee of the Whole through the multi-step tax-levy calendar and preliminary levy estimates for the 2024 tax year, saying the district's current constructed request would be roughly a 5.8% increase.
Staffer Corey (presentation) told the board the district relies on property taxes for a little over 80% of its revenue and outlined three drivers that determine how much the district can extend: equalized assessed value (EAV), the consumer price index (CPI) and new property growth. "We would expect taxpayers['] bill to increase by 3.4% for this levy year," he said, citing the 2023 CPI figure that moves through the levy calculations.
Why it matters: The board will adopt an estimated levy and set a public hearing before filing extensions with Cook County. Staff explained that in reassessment years the county's actions can cause large swings in EAV and, depending on whether values shift between residential and commercial property, that can change the distribution of the tax burden among homeowners and businesses.
How the numbers were built: Using a hypothetical 3.4% CPI, staff showed an operating-fund levy that would be about $67.1 million (roughly $2.2 million higher than the prior year due to CPI alone). The presentation then modeled the impact of new property growth using the district's 10-year average ($15.9 million) and explained that the district often requests an additional percentage above CPI (here shown as CPI + 2.4%) so county limits will capture actual new growth later.
On refunds and recapture: The presenter reviewed Senate Bill 508 as a county process that allows taxing bodies to recapture amounts related to refunds processed after an extension is calculated; staff said the county will add an estimate for refund recapture to the extension and that the exact figure becomes available in November or December.
Next steps: Staff asked the board to consider adopting a preliminary estimate and to set a public hearing for Nov. 18; the formal levy approval and final filings with Cook County will occur later in the calendar year.
