River Forest Schools

Illustrative Impact of the Proposed School Operating Referendum on Property Tax Bills

Inputs

Select Tax District:

Enter Gross Assessed Value

Gross
Assessed
Value
Net
Assessed
Value
1a: Primary Residence - Homestead: 1% Cap1, 2:
1b: Other Residential, Rental, Agricultural, Long-Term Care: 2% Cap1, 2:
1c: Non-Residential, Commercial, Industrial, Personal: 3% Cap1, 2:
To find the Gross Assessed Value for a specific property Please visit
Lake County Parcel Search
Or,
Find it on your Annual Tax Statement from the County Treasurer, TABLE 1, Line 1a, 1b, and 1c.

Calculated Change in Tax Bill from the Proposed School Operating Referendum with a Tax Rate of $1.09004

Current With
Referendum
Increase
Difference
Apply District Rate per $100 of A.V. 3, 4
Equals Gross Taxes
Less Local Property Tax Credits 5
Equals Net Taxes
Less Circuit Breaker Tax Credit 6, 7
Total Property Taxes Due (Annual)
Total Property Taxes Due (Monthly)

Assumptions

  1. Real property assessments are adjusted annually due to changes in market conditions. The referendum liability will change in relation to changes in the property's gross assessed value.
  2. Homestead properties are assumed to have homestead, supplemental homestead and mortgage deductions. Assumes no deductions for non-homestead properties.
  3. Calculations are based on pay 2019 certified district tax rate per the Lake County Budget Order.
  4. Assumes existing operating referendum tax rate of $0.4200 is replaced by operating referendum tax rate of $1.0900 per $100 of assessed value, for an incremental increase to the operating referendum tax rate of $0.6700.
  5. Includes Property Tax Replacement Credit (PTRC) of 14.0238% for all properties based on 2018 credit rates, per the Lake County Abstract. PTRC is not applied to Operating Referendum tax rates per I.C. 6-3.6-5-6.
  6. Assumes 1%, 2% and 3% tax caps as applicable, adjusted for proposed exempt referendum rate of $1.0900 per $100 of A.V.
  7. River Forest School Corporationís 2019 exempt debt service tax rate of $0.7185 is for debt that was issued prior to July 1, 2008, and is exempt from property tax caps. This exemption ends on December 31, 2019 and the expiration of this exemption means that all debt will be subject to property tax caps in 2020.
For illustrative purposes only. Actual results may vary. Assumes no change in tax rates of overlapping local government units and no change in local property tax replacement credit rates.