Channahon Grade School Board OKs tax abatement
By Jeanne Millsap Correspondent October 29, 2012 12:00PM
Updated: December 1, 2012 6:17AM
The Channahon Grade School District will give a little back to its taxpayers this year in the form of a property tax abatement.
Channahon School Board members set the amount for a tax abatement.
With the district’s tax rate expected to spike somewhat this year and next due to an estimated $19.4 million decrease in “accessible EAV,” or equalized assessed valuation minus new construction, the board decided the district was in a good enough financial position to pitch in a little to flatten the bump until the rate drops back down again in a couple of years.
Members decided the amount they will abate for 2012 will equal the Consumer Price Index increase of 3 percent, equal to an estimated $442,403, bringing the tax rate to an estimated $2.7915 per $100 of assessed valuation.
Without the abatement, the rate would have risen to $2.8625 from last year’s $2.6807.
Finance Director Mike Schroeder said the owner of a house valued at $300,000 would see an average savings of around $63 on the grade school’s portion of their property tax bill next year.
At its November board meeting, plans are for the board to vote on the resolution for abatement to be included with its 2012 tentative levy.
The board will likely abate the following year, as well, with a continued rise expected in the tax rate.
However, the year following, the rate should go back down naturally with a drop in the district’s debt payments.
“Anytime we’re able to give back to the taxpayers,” board President Michael Geldean said, “we will do that. It’s not a huge amount, but it will make a difference.”