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Urbana board approves ballooned 2025 tax levy, schedules Truth-in-Taxation notice
Summary
The Urbana School District 116 board approved a ballooned proposed 2025 tax levy after a staff presentation explaining CPI limits, EAV estimates and an expiring TIF; the board also approved routine consent items at the same meeting.
The Urbana School District 116 Board of Education voted to approve the district’s proposed 2025 tax levy after a staff presentation explaining why the district used a 'balloon' levy to capture expiring TIF revenue and new construction.
A district finance presenter told the board the levy process relies on estimated equalized assessed value (EAV) and is constrained by the county’s property tax extension limitation law (PTO). The presenter said the levy provides "approximately 60% of the district's operating revenues each year" and noted the consumer price index (CPI) for 2025…
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