District 58 to hold hearing on property tax levy

District 58 will hold a public hearing regarding its proposed 2009 tax levy at 7 p.m. Nov. 9 at Longfellow Center, 1435 Prairie Ave., Downers Grove.

Each year, District 58 sets its levy request for local property taxes, which accounts for more than three-fourths of its revenues. Like every other taxing body subject to the Illinois tax cap, the district is permitted to increase its tax extension each year by an amount limited to the Consumer Price Index plus any new growth that may have occurred during the past year.

The CPI that was applicable to the 2008 levy was 4.1 percent; the CPI applicable to the 2009 levy is 0.1 percent. The estimated new growth for the 2009 levy is 1.2 percent, which is based on a six-year average since 2003. The new growth estimate for the 2008 levy was 1.3 percent, while the actual new growth was 1.05 percent.

The district cannot receive more money from new growth than it is entitled to receive, but it also cannot receive more than the amount it requests. For that reason, the district added 0.2 percent on to its proposed levy to ensure that it captures all new growth and does not lose money it is entitled to receive.

The total levy request for 2009 is $46,462,326, an increase of 1.4 percent over the 2008 extension, or the actual amount the district received in tax money, which was $45,817,113. Of the total levy request, $1,212,326 is for debt service, a 0.97 percent decrease from the amount the district received for debt service in 2008.

Because of increases in the total equalized assessed valuation of property within the district, the district's total tax rate will likely decrease from 1.5713 in 2008, to approximately 1.47 in 2009.