1. How did the referendum affect the school portion of my May 2008 tax bill?

The April 2007 referendum ballot question was as follows: Shall the limiting rate under the Property Tax Extension Limitation Law for Aurora West School District Number 129, Kane County, Illinois, be increased by an additional amount equal to .50% above the limiting rate for levy year 2005 and be equal to 3.52739% of the equalized assessed value of the taxable property therein for levy years 2007, 2008, 2009 and 2010?

Voters approved the referendum and the limiting rate is locked in at 3.527389 starting in levy year 2007 (the year that applies to your May 2008 tax bill).

If you look for evidence of this on your tax bill, it can be confusing because the limiting rate is not shown separately. Rather, it is combined with the bond and interest rate of 0.597769 for a total of 3.98398, the number you see on the tax bill.

Also, the May 2008 tax bill only goes back one year, so the 3.02739 limiting rate for levy year 2005 that was referred to on the referendum ballot is not shown. That can be confusing to people who are trying to calculate from the tax bill alone how the referendum affected their taxes.

District 129 Rates Rate 200525% Rate 2006 Rate 2007 Other 2.883624 2.796354 3.386211 Pension 0.143766 0.145796 0.141178 Operating Rate (limiting rate) 3.02739 2.94215 3.527389         Bond and Interest 0.65116 0.621372 0.597769 Total District Rate 3.67855 3.563522 4.125158

2. The referendum ballot stated that the approximate amount of the additional tax for the 2007 levy year, compared to the 2005 levy year would be approximately $166.67 on a single family residence with a fair market value of $100,000. Is that what happened?

Yes. From the 2005 levy year limiting rate, $1,009 was collected per $100,000 fair market value.  From the 2007 levy year, $1,176 is being collected.

However, the net school district increase actually is less than that -- $148 instead of $167 -- because the district refinanced its bonds, which cut the bond and interest rate and will save residents $2.7 million in tax payments over the term of the bond.

District 129 general obligation bond savings summary Principal and interest due on bonds prior to refinancing $34,200,309 Principal and interest due after refinancing in 2008 $31,499,429 Principal and interest savings for taxpayers $2,700,880

3. Given the downturn in the housing market, I assume the assessed value of my home did not appreciate, correct?

Incorrect.

Actually, township assessors increased assessed values of homes in this area during the past year. It is our understanding that current assessed values were calculated using averages from 2004, 2005 and 2006.

If you look for evidence of this on your tax bill, you will not find it. The year-to-year change in the assessed value of your home is missing. Unfortunately, this lack of information has led many to assume incorrectly that assessed values did not rise because of the housing market downturn.

However, you can view the change in your home’s assessed value online at http://www.co.kane.il.us/webapps/SOA/kane.htm or call your township assessor’s office.

History of the district's average assessed value increases (excluding new construction) for each year 2004-07 From 2004 to 2005 9.04% From 2005 to 2006 9.51% From 2006 to 2007 5.73%

4. Did the school district state that increased assessed values would increase the amount of the school portion of the tax bill?

Yes, state referendum law required the school district to spell out to voters on the referendum ballot how increased assessments could affect the limiting rate portion of the tax bill. The ballot stated:
(3) Based upon an average annual percentage increase in the market value of such
property of 6.31%, the approximate amount of the additional tax extendable
against such property for the 2008 levy year is estimated to be $249.90 for the
2009 levy year is estimated to be $319.82, and for the 2010 levy year is estimated
to be $403.72.

5. How does School District 129’s limiting tax rate of 3.527389 compare to other school districts?

Even with the voter-approved increase, School District 129 still ranks near the bottom in school limiting rate taxes.

(We will add other area districts as soon as we receive the information.

6. What improvements in student learning are occurring because of the referendum passage?

Referendum passage was critical to the implementation of “Vision 129,” the school district’s comprehensive plan to improve student learning.. The plan calls for powerful teaching and learning, safe and secure facilities, fiscal responsibility and active community involvement.

Voter approval of the April 2007 referendum allowed the district to begin improving student learning immediately, even though the new limiting rate would not be effective until spring of 2008. See the full Vision 129 checklist at the links provided below.

Teaching and Learning

Safe and Secure Buildings

Financial Responsibility

Active Community Involvement