Wondering how your school property taxes compare to those in neighboring communities? So was I.
Your last tax bill shows a 2.603 elementary school 2010 tax rate if you live in District 15 boundaries plus a 2.204 rate for High School District 211. This is a combined school tax rate of 4.807, not including community college taxes. Note that part of the District 15 boundaries are in the High School District 214 boundaries, which had a 1.839 tax rate.
These rates are in $ per $100 of assessed value, which in turn is targeted to be 1/3 of market value. So the 4.807 combined rate calculates out to a 1.6% tax on the market value of your property ($4.807 / $100 / 3). For example, the owner of a house with a market value of $300,000 would pay about $4800 in school taxes before taking exemptions into account.
A detailed chart compares the D15 + HS211 rate of 4.807 with those of surrounding communities. Rates range from 3.343 for Barrington U220 to 5.497 for Wheeling CCSD 21 + HS214.
The circles on the chart represent the Equalized Asssessed Value (EAV) per K-8 pupil. When multiplied by the rate, this determines how much property tax revenue is available per pupil. EAVs can vary widely based on a few factors such as amount of commercial property in the district, number of students per household, and house prices.
For more information on District 15 tax rates see Fall 2011 Property Tax Bills. The difference between “non-capped funds” and “capped funds” taxes is also explained there.
I’m researching other data comparing surrounding school districts. Do you have other questions about how we compare?