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District 112 sets preliminary 2025 levy at $101.86M, staff to seek abatement of $3.9M in debt service levy
Summary
The board approved publishing a public hearing notice for the preliminary 2025 tax levy estimated at $101,864,884 (a 4.13% increase). Staff also advised the board it will seek to abate approximately $3.9 million of the 2025 Debt Service Property Tax while continuing to pay bond principal and interest from operating revenues.
At the Oct. 21 meeting, North Shore SD 112 approved Resolution 251021 to publish a public hearing notice for the district’s preliminary 2025 tax levy. Assistant Superintendent for Business Services Jeremy Davis presented an estimate of $101,864,884 for the 2025 levy, representing a 4.13% increase over 2024. The board approved publishing the public hearing notice and scheduled a formal presentation and public hearing for the Nov. 18 meeting.
Davis also discussed a separate, draft resolution to abate the Debt Service Property Tax levied for 2025 related to Alternate Revenue Source General Obligation Bonds (Series 2019). He said the district plans to pay principal and interest on those bonds from operating revenues and that the abatement amount this year will be approximately $3.9 million. The draft abatement resolution will be brought to the board for approval in November.
Board members voted to publish the levy notice by roll call (AYES: Butler, Fink, Fishman, Hirsh, Itkin, Kessler, Lasko). The preliminary levy number in the minutes should be treated as an estimate until the formal levy vote after the public hearing in November.
