Tax cap, property tax appeals will limit amount College will collect
(PALATINE, IL) The Harper College Board of Trustees adopted the College’s annual estimated tax levy following a public hearing at the regular meeting on Thursday, December 17, 2009.
The total levy for 2009 is $64,112,301, a decrease of four-tenths of one percent (0.4%) from the previous year’s final extension.
The amount of property tax revenue that Harper will be able to collect, however, is governed by the state’s property tax cap. The tax cap restricts the amount of money a taxing body can collect to five percent over the previous year’s extension or the current rate of inflation, whichever is less. The current CPI is 0.1 percent.
The College also anticipates losing $1.6 million in revenue to successful property tax appeals from commercial property owners in 2010. Since 2003, Harper has lost $9.4 million in revenue from successful tax appeals made to the Property Tax Appeals Board (PTAB).
The estimated tax rate for all Harper College tax-capped funds is 19.66 cents per $100 of assessed valuation for 2009. That represents a decline of two-tenths of one percent (0.2%) from 2008, when Harper’s tax rate was 19.70 cents per $100 of assessed valuation.
The board first reviewed the property tax levy at its October 15, 2009 meeting.