DeKALB – Although the proposed 2019 tax levy for the DeKalb Park District is increasing by 4%, DeKalb taxpayers could see a slight decrease on their bills in the spring.
Because of expected tax increment finance revenue making its way back onto the tax rolls this year, the park district expects to collect more revenue through the levy. However, DeKalb homeowners whose property is valued at $150,000 could pay $1.80 less on the park district portion of the 2019 property tax bill, said Heather Collins, superintendent of finance.
“The park district is going to get more money just like all the other taxing bodies because we’re all going to recapture that TIF money,” Collins said Monday. “So our bucket of money is bigger, but we’re spreading that tax rate out over more value of property, so each person is paying slightly less.”
The DeKalb Park District Board of Commissioners is requesting a 2019 tax levy that sets the rate at 0.733, a 0.003 difference from 2018.
Like other agencies working through their budget season in a year when tax increment financing could boost revenue from property taxes, the district hopes their levy will capture additional revenue from properties within the expired tax increment finance district known as TIF 2. Collins said the district’s opportunity to take advantage of any additional TIF revenue is fleeting.
“We have one chance,” she said during Thursday’s board meeting. “That’s this year, to capture those taxes. If we don’t do that this year, we will not have another chance to do that in the future.”
The requested 2019 property tax levy is estimated at $4.2 million, documents show, which is a 4% increase over the 2018 levy, which was $4 million. The board approved it unanimously, although Commissioner Dean Holliday was absent due to an ongoing illness.
Although the levy process now is underway, that dollar amount could change as the park district gets closer to its budget process in the spring, according to park district documents.
DeKalb District 428 on Tuesday also voted to request a tax levy that captures expected revenue from expiring TIF districts. The DeKalb City Council also is expected to discuss the 2019 tax levy during its regular meeting Tuesday, postponed one day because of Veterans Day.
The park district’s requested tax levy will next go to a public hearing set for Dec. 19, followed by a final vote to approve.