AURORA – Fox Valley Park District residents will benefit from another tax freeze after the district’s board of trustees recently approved a zero percent increase in its levy for the second consecutive year.
While the park district was allowed to levy an increase up to 3 percent, Executive Director Nancy McCaul said in a news release that the district chose “not to levy for the full amount out of consideration for our residents and the financial challenges many of us may be facing in this recovering economy.”
“Our tax receipts will probably be less than last year, which will mean a reduction in tax revenue for the 2013-14 budget year,” she said.
The park district’s emphasis on excellence will not change, either. “As always, we will continue with great efficiency in all our operations,” park board President Rachel Ossyra said in the release.
“Every year we work hard to maintain a level of excellence and balance that with our commitment to be fiscally responsible to our taxpayers,” Ossyra said. “The park district takes pride in providing great service and value to all our residents and guests, and that will always be our top priority.”
The park district’s levy of $22 million does not necessarily reflect the amount of tax receipts that will be received by the district for next year. Final numbers from Kane, Kendall, DuPage and Will counties are expected in the spring, officials said.
McCaul said the actual amount collected may be lower because of the restrictions of the Property Tax Extension Limitation Act. The consumer price index as determined by the state for this year’s levy is 3 percent.
“Based on preliminary information received from Kane County, we are estimating a reduction of 7 percent in the equalized assessed valuation for the property in our boundaries,” McCaul said.