Copyright Shaw Local Enewspapers
The Yorkville School District 115 is seeking an increase is property taxes it takes in next year. The total $87.4 million tentative levy would be an increase of $3.25 million over last year’s, based on what is proposed by administration The school board is currently expected to take a final vote on levy at its Nov. 17 meeting. The tentative tax levy was approved on Oct. 27. The school district, like other taxing bodies, each year sets a levy that determines how much it collects in property taxes. As home values continue to increase in the area, a home now worth $400,000, that was previously worth around $373,000 last year, is expected to see an increase of $110 on the school’s portion of the property bill, according to Kreg Wesley, the school district’s assistant superintendent of business services. This is despite the school district projecting its tax rate to go from the 2024’s rate of $5.7412 to $5.4241 for 2025. The tax rate is a reflection of what individual property owners will need to pay to generate the property tax revenue the district expects it needs to operate. The tax rate is a number applied to the equalized assessed value of a property to determine the amount of taxes paid. If the assessed value of a house goes up, taxes go up, even if the tax rate stays the same. Wesley said increasing housing values in the area help explain the fluctuation in figures. “There is an inverse relationship between the value of property and the tax rate,” Wesley said. “When property values increase, the tax rate decreases to receive the same amount of funds.” Last year’s levy approved by District 115 was a $5 million increase over the 2023 levy, with the school portion of property bills increasing 5.97% over 2023’s levy. School districts do not assess property values, that job is done by the county’s supervisor of assessments. For the last few years, the surge in regional housing has lifted Kendall County’s Equalized Assessement Value - or EAV- to its highest ever rates. Wesley said this year’s increased tentative tax levy is a reflection of the costs and investments the school district is prioritizing. “The consumer price index remains over 2%, almost everything the district purchases costs more than it has in recent years,” Wesley said. “The most significant increase continues to be increased staffing as the district continues to grow.” Outside of the school district’s operating funds, the total school levy covers any upcoming capital projects and building renovations. Approved in the 2025 tentative tax levy, within the total percent increase of 3.86%, there is a capped levy which is expected to increased by 4.98%. The bond and interest levy is expected to decrease by 5.69%. Following a period for public feedback, if the board successfully approves the final 2025 tax levy on Nov. 17, the district will move forward with filing the tax levy with Kendall and Kane counties prior to the end of December. Dates for a possible truth in taxation public hearing, which are required for rate increases 5% and above, have not been released. The school district has previously held public hearings even if its rate is below the 5% bar.
