2015 Tax Levy Board of Education Meeting December 21,

Property Tax Impact Local property taxes represent approximately percent of the total district budgeted revenues Property taxes represent percent of the Regular Education Fund’s budgeted revenues 2

Truth-In-Taxation Act Requires Districts to ESTIMATE the dollar amount to be collected from property taxes Disclose proposed increase if aggregate dollar amount (levy) is more than 105% of prior year’s extension Publish Notice in Newspaper Hold a Public Hearing FY 15 estimated increase = 2.75% 3

PTELL – “Tax Cap” Law Property Tax Extension Limitation Law Limits the increase in property tax extensions to 5% or the CPI whichever is less CPI = 0.80%

Tax Extension Limit Extension = $91,842, CPI = 0.80% Maximum 2015 Extension based on the 2014 Extension = $93,202,395 (includes new property growth EST. $13,000,000) 2015 Levy Amount = $94,367,425

FAQ: Why is the amount levied more than what is allowed? In order to maximize revenues, we prepare our levy by estimating the amounts at a higher level than anticipated. Our reason for doing this is because property growth in the district is an unknown. Equalized Assessed Valuation New Construction Expired TIFs 6

2015 Levy Request by Fund Education Fund$ 64,829,863 Operations & Maintenance$ 13,377,591 Transportation$ 4,843,099 Special Ed$ 1,409,001 Tort$ 3,937,429 Municipal Retirement$ 3,292,945 Social Security$ 2,677,497 TotalLevy $ 94,367,425 7

Average Homeowner Property Tax Increase Impact Market Value EAV 2014 Tax Rate $ Est. Rate $5.211 Increase $100,000$27,333$1412$1425$13 $150,000$44,000$2273$2293$20 $200,000$60,667$3133$3161$28 $250,000$77,333$3994$4030$36 Assumes $6000 homestead exemption 8

Questions Springfield Public School District 186 Sangamon County 9