Yorkville schools’ propose $84 million tax levy

Community taxpayers can drive their Chevies to the levy hearing this November, to discuss the Yorkville School District 115′s 2024 proposed $84 million levy that will have property owners see an increase over last year’s bill.

The district is holding a public Truth in Taxation Hearing on the total levy, which includes the district’s current operating funds, bond and interest levies, on Nov. 25 at 7 p.m. at 797 Game Farm Road, Yorkville.

While this year’s school portion of property bills is increasing 5.97% over last year, it is a smaller jump than last year’s, when the 2023 levy increased to more than 7% to $79 million.

Kreg Wesley, the school district’s assistant superintendent of business services, said the smaller increase is to be expected given lower national inflation rates and because the surge in regional housing prices is lifting the county’s equalized assessed value (EAV) to its highest ever rate.

“Our houses are worth more now than they ever have been in the history of Yorkville,” Wesley said. “Most houses saw at least an 11% increase in value over the year. The change of the school district’s portion of your property tax payment should increase in the range of $200 - 400 this year over last. However, everyone’s situation is different based upon your individual property assessment.

When accounting for a tax increase estimate for a $300,000 house and an 11% increase in the value of the house over the past year, Wesley calculated a $195 increase on the school’s portion of the property bill.

School districts do not assess property values, that job is done by the Kendall County Supervisor of Assessments. Wesley said the trend in increasing education tax levies follows the trend of every taxing body included on each property bill increasing because of the regions surging EAV.

Outside of operating funds, the total school levy covers upcoming capital projects and building renovations like the master facilities plan upgrades, the high school’s new tennis court complex, and the district’s purchase of 110 acres for further development.

The total tax levy is calculated using a combination of inflation measured by the Consumer Price Index, the estimated EAV growth, new construction, and program needs. The funding from local taxpayers comes from 87% residential homeowners, 7.8% commercial, 3.4% rural, and 1.3% industrial, according to city documents.

City officials recently approved multiple plans for massive data center campuses and solar farm projects to bring in larger tax revenues for the city for decades to come. Part of that intake of larger industrial tax revenues may help offset the school facilities and infrastructure upgrades needed to accommodate the region’s rapidly increasing regional population. That same population increase is one of the factors driving up property values.

After the public hearing, the school board’s final decision on the tax levy must be submitted to county officials by Dec. 31. The hearing follows another public hearing on Nov. 12 for the city of Yorkville’s proposed 2024 tax levy currently estimated to decrease the city portion of homeowners’ property bills.