Homeowners in Lake Bluff and Lake Forest will likely see a modest increase in property taxes they pay to the elementary school districts.
Property tax increases in Lake Bluff District 65 and Lake Forest District 67 are limited by the Property Tax Extension Limitation Law, popularly known as the “tax cap.” Any increase is limited to inflation as measured by the consumer price index or no more than 5 percent – whichever is lower.
Inflation was .8 percent last year, a drop from 1.5 percent the previous year. In Lake Bluff District 65, that means an increase of $37.55 based on an average home price of $581,300, said Jay Kahn, director of finance and operations. Taxes will be higher or lower depending on the actual value of home or property.
District 65 will also see an increase in revenue from commercial property taxes of about $90,000 thanks to a new Target and nearby stores that opened this year on Route 176.
In Lake Forest District 67, property owners will see an increase of about $32 assuming an average home price of $844,500, calculated Allen Albus, deputy superintendent of finance and operations.
“Really, the last couple years, it’s been a very nominal increase,” said Albus.
The big unknown is whether the Illinois General Assembly will approve any laws that will either increase expenses or lower revenue for school districts such as a property tax freeze or a chargeback for some or all teacher pension payments.
“My hope is that any significant legislative changes would be phased in, in a way it would give the district time to adjust for it or absorb the change,” said Kahn.
“The hard part of this is that until there is legislation, nobody can accurately prepare,” Albus said. “If there will be offsets, we don’t know what they are.”
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