Homeowners will see a spike in their property taxes, if the Peoria School District 150 board approves a tax levy next week.
The board approved several measures during a special meeting Monday night in preparation for Senate Bill 318. The bill would freeze how much how much school districts and other governing bodies can levy for two years.
The bulk of District 150’s local revenue relies on the real estate market. Interim Chief Financial Officer Erik Bush says with the anticipated growth of the housing market, the tax levy is linked to increasing property values.
The property tax increase means a homeowner whose house is valued at $100,000 would pay about $67 more. A home valued at $300,000 would pay about $200 more. The school board is expected to vote during its regular meeting on November 23. The resolution would then go to the county clerk for approval in December.
Bush says the levy is an attempt for the District to "position itself as best it can" for the next two years, amid growing expenses in the District and financial uncertainty at the state level.
“I’ve got to sleep at some point. Trying to probe the ethereal outcomes that could occur from Springfield would drive me crazy," Bush said. "It’s just a tough time...and I wish it weren’t for school's sake.”
The board is also discussed shifting $2.8 million dollars of working cash to the Health Life Services Fund in order to extend the levy.
The School District is additionally seeking more revenue from sales tax. The board submitted a letter to City Council members and the mayor Tuesday requesting a quarter-cent sales tax to go toward building repairs and maintenance. The revenue would amount to about $1.5 million dollars annually.