Tax Cap Inflation Rate for 2017 Taxes Set at 7/10 of 1%

Earlier this month, the Illinois Department of Revenue showed in inflation increase was 8/10 of 1% for 2015.

That indicated that non-Home Rule tax districts (schools being the most expensive) could not increase their tax take by more than 8/10 of 1% in the property taxes collected next year.

This past week the annual Consumer Price Index to be used for taxes to be collected in 2017 was released.

It’s even lower than 8/10 of 1 %.

It’s 7/10 of 1%.

I heard on the radio that was because of the big drop in gasoline prices in December.

Here is the Revenue Department chart on what the technocrats call PTELL:

Consumer Price indexes which govern the percentage tax districts may increase their total real estate tax extraction.

Consumer Price indexes which govern the percentage tax districts may increase their total real estate tax extraction.


So, no need to worry too much if Governor Bruce Rauner doesn’t get his wish to freeze property tax takes for two years.

The downside for real estate taxpayers is not high, even if there is no tax freeze.


Comments

Tax Cap Inflation Rate for 2017 Taxes Set at 7/10 of 1% — 3 Comments

  1. If only it were true.

    In decade 2005-2014, with flat enrollment,
    Woodstock D200 levy has increased 58%.

    Corresponding CPI increase was 23%.

    Total expenditures doubled.

    Excessive spending was Not just on debt. FTE employee total rose 24%.

    PTELL exceptions allow school districts to routinely exceed supposed inflation caps.

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