First, let’s look at a breakdown of your property tax:
Now let’s look at what the funds will be used for once the referendum passes and what will occur if the referendum fails:
Here is the actual referendum that the community will see on the ballot on April 7th, 2015.
RIVER EAST PUBLIC LIBRARY DISTRICT
PROPOSITION TO INCREASE THE LIMITING RATE
Shall the limiting rate under the Property Tax Extension Limitation Law for the River East Public Library District, McHenry County, Illinois, be increased by an additional amount equal to .10% above the limiting rate for levy year 2014 and be equal to .3218% of the equalizing assessed value of the taxable property therein for all subsequent levy years.
(1) The approximate amount of the taxes extendable at the most recently extended limiting rate is $161,050, and the approximate amount of taxes extendable if the proposition is $233,670.
(2) For the 2014 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 $33.00.
(3) Based upon an average annual percentage increase in the market value of such property of 1%, the approximate amount of the additional tax extendable against such property for the 2014 levy year is estimated to be $33.00, for the 2015 levy year is estimated to be $34.00, and for the 2016 levy year is estimated to be $35.00.
(4) If the proposition is approved, the aggregate extension for 2014 and all subsequent levy years. 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).
Get more of the facts straight from River East Public Library at http://www.rivereastlibrary.org/levy-2015/.