SYCAMORE – Sycamore residents will get a small break on their tax bills next year, if Sycamore School District 427 follows through on plans to lower its tax rate.
“What this means for the average homeowner is a tentative savings of between $18 and $35 on their tax bill for the school district’s portion,” Nicole Stuckert, the district’s chief financial officer, said in an email.
For someone with a $200,000 home, the school district portion of their property tax bill will decrease $36 from $4,266 to $4,230 in 2018, according to information on the Sycamore school board website.
The total tax levy extensions will increase by 4.37 percent, Stuckert said, from $33,075,115 to $31,691,378 in 2016.
Because the increase is less than 5 percent, the district will not need to hold a a truth in taxation hearing for the levy. The amount levied by the district has increased every year since 2013, according to district documents.
The district can decrease the tax rate and increase the levy because of an increase in the equalized assessed value of properties in the district.
This marks the third year in a row the district will see an increase in EAV.
One of the benefits the district is seeing is an increase in new construction within the boundaries, according to the chief financial officer’s report available on the board website.
The district anticipates $13 million in new construction in 2017, the highest amount since 2009.
The board will advertise the levy in November, with the final meeting for approval scheduled for Nov. 28.