Crystal Lake District 47 to adopt lower tax levy, retire bonds
The Crystal Lake Elementary District 47 school board tentatively has approved levying roughly $74.8 million in property taxes for 2018.
The levy reflects a 0.3 percent rate reduction based on last year's tax levy due to the district paying off its general obligation bonds in February.
District 47 has abated $3 million total from its debt service levy in the 2015, 2016 and 2017 school years, reducing the overall tax rate.
This year, the district will apply for the Illinois State Board of Education's Property Tax Relief Grant made available as part of new evidence-based funding for school districts. If approved, the school board will abate the grant amount to further reduce the overall tax rate, officials said.
"We are continually looking for ways to reduce the tax burden on our community while striving to maintain our aging facilities and meet the academic and social-emotional needs of our students," said Cathy Nelson, assistant superintendent of business.
District 47 will be using property tax revenue and its reserve fund balance to help offset project costs associated with a five-year capital improvement plan, including renovation of Coventry Elementary School, repairing and replacing roofs, doors and windows, and upgrading electrical, plumbing and HVAC systems. The district sold $9.5 million in debt certificates in June to help cover costs that will be paid for with operating revenues and are not part of a debt service levy.
The school board is expected to adopt the proposed tax levy at its Dec. 17 meeting, 7 p.m. at the CORE Center, 300 Commerce Drive in Crystal Lake.