PROPOSITION TO INCREASE THE LIMITING RATE

Shall the limiting rate under the Property Tax Extension Limitation Law for the Plainfield Township Park District, Will and Kendall Counties, Illinois, be increased by an additional amount equal to .05% above the limiting rate for levy year 2005 and be equal to .2378% of the equalized assessed value of the taxable property therein for levy year 2006?

(1) The approximate amount of taxes extendable at the most recently extended limiting rate is $2,943,229 and the appropriate amount of taxes extendable if the proposition is approved is $4,018,185.

(2) For the 2006 levy year the appropriate amount of the additional tax extendable against property containing a single family residence and having a fair market value at the time of the referendum of $100,000 is estimated to be $16.67.

(3) If the proposition is approved, the aggregate extension for 2006 will be determined by the limiting rate set forth in the proposition, rather than the otherwise applicable limiting rate calculated under the provisions of the Property Tax Extension Limitation Law (commonly known as the Property Tax Cap Law).

WHAT DOES THIS MEAN?

State law was revised recently to “assist” taxpayers in understanding exactly how much money a taxing body will receive via a successful referendum. The result of this “assistance” has made it MUCH more difficult to effectively communicate the true impact with the voters.

Simply put…for the owner of a $250,000 home in Plainfield, the Park District is only asking for an increase of roughly $50 a year.