Growth and rising property values will keep Lincoln-Way High School tax rates stable, according to Supt. Lawrence Wyllie.
The tax levy, to be filed next month, must be based on guess work because it is calculated before the end of the fiscal year, Wyllie said last week.
The estimates have to be on the high side because school districts cannot recover money if they ask for too small an amount, he said.
The 1999 levy is based on an estimated assessed valuation of $1.6 billion in the more than 90-square-mile Lincoln-Way district, a projected 20 percent increase over 1998.
Wyllie said new construction is not the only factor. A portion of Jackson Township, with an assessed valuation of close to $5 million, has been added to the district, he said, and a quadrennial reassessment is planned for another part of the district.
Tax rates could go up to $1.93 for each $100 of assessed valuation from this year’s $1.90, but Wyllie said he expects the tax rate will decline to $1.86. The $32 million levy will be considered at a public hearing at 7 p.m. Dec. 7. Dec. 9.
The 1999 tax levy allocates $18.7 million for the education fund, $3.4 million for the building fund; $1.6 million for the transportation fund; $275,000 for the special education fund; $420,000 for the Illinois Municipal Retirement Fund; $650,000 for liability insurance; $650,000 for the working cash fund; and $5.7 million for the bond and interest fund.