Taxpayers living in District 203 may be getting a tax break.
Possible Abatement of Debt Service Tax Levy
At the latest District 203 school board meeting, the group discussed fully abating the 2019 debt service tax levy.
The levy would be abated by $2.7 million dollars, which is the principle and interest payments on bonds that were issued in 2009.
This option is looked at annually to see if the district can make the bond payments without the levy.
Not a New Concept
The district has been abating the levy for the last few years.
“We started abating the debt service levy for the 2016 year and to date we’ve abated over $8.5 million,” said Michael Frances, District 203’s chief financial officer. “With this additional abatement that we’re recommending tonight it would be $11.2 million.”
What Does This Mean for the Average Homeowner?
If the board of education chooses to make the abatement, that means the average homeowner of a $410,000 home would see a $70 reduction in their tax bills.
The group will make a final decision at the March 16 meeting.
Naperville News 17’s Aysha Ashley Househ reports.
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