MORTON — Morton School District residents could see their district tax rate fall a bit.
In a report to the School Board on Tuesday, Barb Getz, the district's chief financial officer, said the district's tentative tax rate for 2017 — for taxes payable in 2018 — is $5.01 per $100 equalized assessed valuation.
The rate for 2016 — for taxes payable in 2017 — was $5.04.
Does this mean a resident's tax bill from the district will be less next year? Not necessarily.
The tax rate is applied to the EAV of a property, which can rise from year to year.
The school district expects its tax levy for 2017 to be $29.6 million, a 2.69 percent increase from 2016.
Because Tazewell County is a tax-capped county, public bodies are limited to increasing the tax levy from existing property no more than the rise in the consumer price index from the previous year.
In this year's case, the CPI rose 2.1 percent in 2016.
Including $4.3 million in new property, the district's EAV for 2017 is expected to be $590.6 million, a 2.1 percent increase from the $578.2 million in 2016.
The money generated by district's 2017 tax levy will be used for its 2018-2019 budget.
Salaries will increase 3 percent across the board in the 2018-2019 fiscal year and health insurance costs will jump 6 percent.
Steve Stein can be reached at 686-3114 or firstname.lastname@example.org. Follow him on Twitter @SpartanSteve.