ST. CHARLES – New property growth in St. Charles should contribute to lower St. Charles School District 303 taxes for most property owners this spring.
Individual district tax bills for 2017 will decrease an average of 6.77 percent from last year, said Seth Chapman, the district's chief financial officer.
The school board on Nov. 13 approved a proposed 2017 property tax levy of $149,715,000, which includes expected increased revenue from new property growth.
On Dec. 11, the board will adopt the proposed levy and then file it with the Kane County Clerk's Office. The proposed levy is about 3.3 percent more than the $144,893,194 in total taxes billed for the district for 2016.
In calculating the proposed levy, the district included additional tax revenue from $35 million in new property growth. However, the new property growth figure likely will be less – an estimated $25 million, Chapman said.
Taxing bodies typically propose levies that reflect a higher amount of new property growth than they anticipate, to make sure they capture all new revenue from actual growth.
The actual new property growth and final district levy will be determined by Kane County before it issues 2017 property tax bills in the spring.