Ballot Measures

Proposition to Increase the Limiting Rate

March 17, 2020 Illinois Republican Party Presidential Preference and State Primary
Description:

Shall the limiting rate under the Property Tax Extension Limitation Law for Oswego Community Unit School District Number 308, Kendall, Kane and Will Counties, Illinois, be increased by an additional amount equal to .30%...

Shall the limiting rate under the Property Tax Extension Limitation Law for Oswego Community Unit School District Number 308, Kendall, Kane and Will Counties, Illinois, be increased by an additional amount equal to .30% above the limiting rate for school purposes for levy year 2018 and be equal to 5.32922% of the equalized assessed value of the taxable property therein for levy year 2020?

Shall the limiting rate under the Property Tax Extension Limitation Law for Oswego Community Unit School District Number 308, Kendall, Kane and Will Counties, Illinois, be increased by an additional amount equal to .30% above the limiting rate for school purposes for levy year 2018 and be equal to 5.32922% of the equalized assessed value of the taxable property therein for levy year 2020?

(1) The approximate amount of taxes extendable at the most recently extended limiting rate is $100,337,282, and the

approximate amount of taxes extendable if the proposition is

approved is $106,322,541.

(2) For the 2020 levy year the approximate 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 $100.

(3) If the proposition is approved, the aggregate extension for 2020 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).

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