Property owners living within the Peoria School District 150 will see a higher 2015 property tax bill.
The School board approved a $71 million tax levy request during its meeting Monday night. It’s about three percent more than last year’s request of $69 million.
The move comes in anticipation of Senate Bill 318 that would freeze property taxes. Interim Financial Officer Erik Bush says the levy hinges on projections that property values will rise about 2 percent.
If growth falls short of that two percent, Bush says, homeowners would pay less. The levy extension is variable and pegged to growth, but debt is fixed.
Under the change, the owner of a $150,000 home will see an increase of about $101.
The District is just one meeting away before the deadline to submit the tax levy to the County Clerk’s office. Board Vice President Rick Cloyd says that’s why it was imperative that the district move forward -- and get it right:
“Once Senate Bill 318 passes, you can’t go back in time and fix that, so we have to do something in anticipation of that or we potentially lose that opportunity," Cloyd said. "We’re rolling the dice once we get to that point.”
Cloyd also suggested issuing bonds to prevent the district’s bond and interest fund rate from dropping to zero -- another effect of the proposed legislation. The deadline for that action is March 1.
The board also approved the $97,850 purchase of a front-end loader from Birkey’s, the lowest bidder for the sale.
District 150 faces a more than $8 million deficit and growing expenses, like building upgrades.