12/18/2012 9:32:00 PM Reed-Custer approves annual tax levy
The Reed-Custer School District has passed its annual property tax levy.
On Dec. 12, following a public hearing on the levy, the members of the Board of Education approved the proposal.
The proposed corporate and special purpose property taxes to be levied are $22.46 million, and increase of 7.79 percent over last year. There are zero taxes levied for debt service.
This new levy includes $20 million in new property from Exelon's Braidwood Station nuclear power plant. District officials said that for the average homeowner, the levy represents an approximate three percent increase in the school district line item of their annual property tax bill.
Taxing districts levy new taxes annually, and to hold a public hearing if the increase in taxes is above 5 percent over the previous year.
Taxing districts are required by law to submit the levy by the end of the year, but do not receive full taxing information from the county until the spring.
A property tax levy is calculated by using the equalized assessed value (EAV) of the property within the taxing district. The EAV is an estimate of worth. The actual value of the property, and the finalized number for what the district will take in via taxes, will be determined in the spring.