In an effort to continue an open dialogue with our district families and community concerning district finances, I thought it was important to share information about a legislative bill that has been circling the Illinois Congress. The passing of this bill would be detrimental to our district as well as others throughout the State. What is known as the “Tax Cap Bill” is being framed by its proponents as a way to “protect homeowners and the middle class.” However, the revision outlined in this bill includes language that will financially cripple most school districts. The language, if approved, would limit the “extension limit” to 0% if the value of existing property is less in the current year than it was in the prior year. If SB2862 is passed, Crete-Monee School District 201-U will lose $19.3 million of property tax revenue from 2013-2017. An approximate annual loss of $7 million in revenue would continue for all years beyond 2017.
Our district along with many other Illinois districts would not have the ability to further cut budgets by enough to cover these losses in revenue.
It is not clear if the “Tax Cap Bill” will move through the legislative process at this time. However, we feel that it is important to share this information with our parents, staff, and community members and ensure that you are aware of the repercussions this could have on our schools. This is the third time in less than a year that a version of this bill has been brought before Illinois Congress and it is thought that it won’t be the last. The reason that this bill has stalled in the past is due to the strong opposition of public schools. It is our responsibility to keep an eye on our state representatives and any legislation that affects our ability to provide our students with the best education possible. We encourage you to share your thoughts with those that represent us in the State Capital and ask you to consider the impact this bill would have on our already financially-stretched schools.
I have included a list of members of the Senate Revenue Committee as well as a prepared letter so that you may use it to contact these representatives.
SB 2862 Letter
Senate Revenue Committee Member Listing