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BUSD Receives Property Tax Relief Grant
BUSD Receives Property Tax Relief Grant
Shane Gordon
Wednesday, February 05, 2020

The school district is proud to announce that we are one of 39 Illinois school districts to receive a Property Tax Relief Grant from the Illinois State Board of Education.  This grant will have a positive impact on every resident within the district who pays property taxes. As part of the grant, the school district will abate $219,479 from the overall tax levy for the next two years.  So, the property taxes paid in 2020 and 2021 will have the portion for the school district reduced. After those two years, the tax rate will return close to where it was for the 2019 property tax payments. 

We will be able to calculate the actual rate reduction and savings once we receive Equalized Assessed Valuations (EAV).  Using the current EAV, abating $219,479 would reduce the overall school district tax rate by approximately $0.57 per $100 of assessed value. For taxes payable in 2019 the tax rate for the unit portion of our district was 4.61165. So, based on last year’s numbers the overall unit tax rate would be around $4.04 (4.61-.57) per $100 of assessed value, which would be the lowest school district tax rate in the county.  

For more information about the grant, you can visit www.isbe.net/proptaxrelief .  If you have any questions about the potential impact for your property tax bill, feel free to reach out to Mr. Gordon at 732-8242.