Channahon School Board mulls abating taxes
By Jeanne Millsap For The Herald-News September 27, 2012 8:44AM
Updated: November 2, 2012 6:05AM
CHANNAHON — Residents could be looking at a jump in the Channahon School District portion of their property taxes the next couple of years unless the school board decides an abatement is prudent.
Discussions were held among board members and administrators last week, but a decision was held off as three members — Julie Bankes, Jim Bogacz and Derek Breen — were absent.
According to district finance manager Mike Schroeder, the rate could go up from 2.6807 to 2.8624 per $100 of equalized assessed valuation due to an estimated $19.4 million decrease in “accessible EAV,” or EAV minus new construction.
If the district can handle it, Schroeder said they might be able to get the rate down to around 2.7915 if it abates the amount of the Consumer Price Index increase for the 2012 levy. The board had discussed the possibility of an abatement last winter but at the time was unsure if pension costs were going to be placed on the district.
The timing now, however, may be better.
If the board does decide to abate this year, it likely would abate the following year as well, with a continued rise expected in the tax rate. However, the year after that, the rate should go back down naturally with a drop in the district’s debt payments.
The board also heard from an independent auditor that the district’s finances are sound and strong with balanced budgets and surpluses in funds. The district also received a score of 4.0 in the Illinois State Board of Education’s financial ranking system.