Dist. 1 expects EAV to offset levy increase
Taxpayers won’t realize hike due to Dresden valuation
COAL CITY — In preparation for the 2012 Levy, the Coal City Community Unit School District 1 Board of Education considered a variety of important variables.
The top priority of the board continues to be to offer the best quality education at the best value for the taxpayers. The board also needed to consider the current uncertainty of state funding due to Illinois’ current budget crisis. Furthermore, as the legislators continue to consider state pension reform measures, there is a potential for the school district to experience a new pension liability of nearly $1 million.
The board weighed these variables against a potential $72 million increase in the taxable value of the Dresden Nuclear Power Station.
After receiving input from the District 1 Finance Committee, and significant public meeting discussion, the board has decided to adopt a levy, which represents a 13-percent increase over the previous year. This represents a 2012 final levy of $23,647,732, excluding bond and interest.
Although the 2012 levy represents a 13-percent increase over last year, District expectations are that the tax bill on a $200,000 home will be-approximately the same in 2013 as it was in 2012. This is because the tax bill is a function of the levy and the District’s Equalized Assessed Valuation (EAV).
Due to the reassessment of the Dresden Nuclear Power Station, the expectation is that the District’s overall EAV will increase. This increase in EAV will offset the increase in the levy, which will result in a stable tax bill for homeowners.