District 211 levy abatements bring tax relief to residents
The Palatine-Schaumburg High School District 211 Board of Education has approved two tax levy abatements that will provide a total of approximately $6 million of relief to taxpayers.
The first abatement, passed at a recent meeting, will return $3 million to taxpayers and will be a permanent abatement out of the district's Operations and Maintenance fund.
The board made this decision based on land sale proceeds received in the prior year and recent budget surplus funds held in district reserves. Making this abatement permanent will reduce the overall levy amount the district can request annually and will result in a year-over-year savings for all taxpayers.
The board's second abatement addressed the recapture levy. This is the result of a new state law allowing taxing bodies to recapture taxes that had been returned due to tax refunds and lost from revenue paid to the taxing body.
For the previous year, that amount totaled just under $3 million. In passing the abatement, the board chose not to reclaim that money.
"Our goal as a district is always to remain fiscally responsible. That means making sure we have the resources needed to continue to deliver an outstanding education and wellness support to our students in facilities that are safe, secure and equipped for them as they prepare for their future," Chief Operating Officer Lauren Hummel said.
"At the same time, we recognize our obligation to taxpayers, and work diligently to maintain balanced budgets and a debt-free status while being cognizant of the commitment they are making to our learning community."
District residents will see the District 211 portion of their property tax bills increase by approximately 0.3% as opposed to 2.8% because of the abatements.
That is a roughly $9 increase for the average taxpayer in District 211 boundaries.
"We all know strong schools build strong communities, and are grateful for the support we continue to receive," Hummel said.
"Our administration and board felt strongly that these abatements were appropriate, providing taxpayer relief while allowing us to continue to operate efficiently and maintain the excellence our residents have come to expect."