Proposed Yorkville School District property tax levy shows increase

Yorkville School District 115 officials expect the district will levy approximately 4.25 percent more in property taxes in 2021 compared to what the district received in property taxes this year.

Mike Vargas, the district's director of business services, presented the Board of Education with an updated tax levy during a meeting Monday evening, Nov. 23.

The board is expected to finalize and adopt the levy during a meeting set for Dec. 14.

Vargas said he anticipates 5.53 percent increase in the total assessed value of property in the district. Officials also project an additional $18.6 million in new construction being added to the tax rolls in the district.

All told, the districts should receive approximately $2.39 million more in its tax extension next year, acording to Vargas.

In other news, the district retained its bond rating of Aa3.

Moody's reportedly told district officials that the dire straits of Illinois public finances prevented the bond rating agency from increasing the district's bond rating.

"They did say if they had given an increase, we would have been in line for that to happen because all of the things we have control over dramatically improved since the last time they did a rate," said Mindy Bradford, the district's finance director.