How will the triennial reassessment affect our property taxes? Why don't the school districts get enough money from the increased property values?
District 90 does not automatically receive a proportionate share of property tax revenues due to the increase in property values. Under the tax cap, an increase in the total assessed valuation in River Forest does not equate to an increase in tax revenues that the District receives.
The tax cap limits the yearly percentage increase in the amount of tax revenues to the Consumer Price Index or 5%, whichever is less. That means the District's tax revenues are capped by law. The revenues are the product of the assessed valuation multiplied by the tax rate. Therefore, when the assessed valuation in the community increases more than the cap percentage, the total tax rate must decrease proportionately so that the tax revenues do not increase more than the cap.
An individual taxpayer's assessed valuation is reassessed triennially, which may produce an increased total tax bill. Sometimes the individual increase is higher than the Consumer Price Index. That does not mean, however, that District 90 is receiving an increase in tax revenues that is higher than the cap. It only means that the individual is paying a larger percentage of the District's total tax revenues in comparison to other taxpayers.
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Please let us know what additional information concerning District 90 programs or fiscal challenges we can provide by completing the form below. The most common and appropriate questions will be included on this page in regular, frequent updates. Or, if you prefer, you can telephone the Committee to Preserve River Forest Schools hotline at (708) 488-1647.