(first levy following voter approval on November 8, 2016 of a higher limiting rate)
This memo explains the relationship between the limiting rate (tax rate) and the Library District’s levy amount of $6,750,000 for the Library District’s first levy following the referendum on November 8, 2016.
On November 8, 2016, voters approved a limiting rate (tax rate) for the Library District of 0.4923. A majority of voters answered yes to the following question:
Shall the limiting rate under the Property Tax Extension Limitation Law for the Helen M. Plum Memorial Public Library District, DuPage County, Illinois, be increased by an additional amount equal to 0.2160% above the limiting rate for any purpose of said Library District for levy year 2015 and be equal to 0.4923% of the equalized assessed value of the taxable property therein for levy year 2016?
The voter approved limiting rate of 0.4923 is multiplied times the total equalized assessed value of property (EAV) to determine the amount of tax revenue to be received by the Library District in 2017.
The EAV is set by Township and County Officials, not by the Library District. The EAV for 2016 will not be finalized by the County until February or March, 2017.
Given that the EAV will not be finalized by the time the Library District files its tax levy, the Library Trustees must levy an amount estimated to be sufficient to achieve the limiting rate of 0.4923 approved by the voters. The Library Trustees believe a levy of $6,750,000 will result in Library District revenue in 2017 utilizing the voter approved limiting rate of 0.4923.
The actual amount of revenue will not exceed the levy amount of $6,750,000. In all likelihood, the actual amount received will be less than the levy amount based on the final EAV established by the County.