At its regular meeting last night, the Board of Education voted to abate the entire Bond and Interest Levy for 2012. The total dollar amount to be abated is $2,487,380. The Bond and Interest Levy is part of the District’s total levy extension of 2.5%, approved by the Board on December 20, 2012. The abatement was brought forward in an effort to provide some relief to taxpayers without affecting the District’s ability to levy in the future. With approval of the abatement, the District will transfer dollars from the Working Cash Fund to the Bond and Interest Fund in order to make its debt payment this year.
The impact for the local property taxpayer will be a one-time reduction in the tax bill for 2012, and then a larger increase for 2013 as the Bond and Interest portion of the levy returns to the tax bill. However, the overall impact still will be a reduction in taxes compared to the District not approving an abatement.
As a result of the abatement, a homeowner with a home value of approximately $315,000 will experience a property tax reduction from the 2011 property taxes of approximately $55. This reduction is from the Oak Park and River Forest High School portion of the tax bill only and does not affect any other portion of the tax bill. The total tax bill, including the portion for the other local taxing bodies, may still be higher than last year.