Under the April 4 referendum, School District 65 was able to levy an additional $14.5 million as part of its 2016 tax levy, which is paid in 2017. According to information provided by the District as part of the referendum process, a property owner who paid the average property tax bill of $8,076 in 2016 will see an increase of about $470 in property taxes in 2017.
A property owner who paid $4,000 in property taxes will see an increase of $233 per year, and a property owner who paid $12,000 will see an increase of $698 per year. The increases are about 5.8% across the board, according to a table published by the District.
Because of the way property tax installments are calculated, the full amount of the increase due to the referendum is being billed in the second installment property tax bills, which have been recently mailed.
According to the Cook County Treasurer’s Office, the first installment property tax bill is exactly 55% of the previous year’s total property tax bill. The second installment property tax bill reflects new tax rates, increases in property tax levies, changes in assessed value, and other factors.
As a result, a property tax owner who paid the average property tax bill of $8,076 in 2016 will see an increase of $470 in property taxes due to the referendum on his or her 2017 second installment property tax bill. In subsequent years, the impact of the referendum will be more evenly split between the first and second installment bills.