Taxpayers living in District 203 are getting a nice tax break.
What Was Decreased
The District 203 board abated the 2018 Debt Service Levy and approved an additional abatement from the 2018 tax extension at their latest meeting.
The levy was abated by $2.7 million, which is the principle and interest payments on bonds that were issued in 2009.
The extension was reduced by $2 million.
That’s significant, as 85 percent of district revenue comes from property taxes.
“I think this is an opportunity that we’ve had- though we’ve had many years of working to control our costs- we have not had as many opportunities to pass that on in our general levy. We have certainly done our debt abatements and our debt payback, but this is something that will translate some of those efforts to be more efficient and spend wisely to a savings that our taxpayers will actually see on their tax bill,” explained Board President Kristen Fitzgerald.
Impact on Homeowners
With both abatements, tax bills for an average district homeowner’s $410,000 home will reduce by $126.
Reducing the aggregate levy will affect subsequent years; meaning the district will have a lower starting point to calculate future levies.
A Historic Reduction
“I’m very proud to be a part of this historic reduction. As I understand this is the first time it’s been done in the history of District 203. And I’d like to congratulate all my fellow board members for taking this action,” added board member Paul Leong.
You can learn more about the abatements on the District 203 meeting agenda website.
Naperville News 17’s Christine Lena reports.