Assessed value of property in West Aurora School District down again
By Linda Girardi For Sun-Times Media October 22, 2013 1:30PM
Updated: November 24, 2013 6:28AM
The West Aurora School District is right there with the rest of the school districts in the state, facing a continued decline in property values.
On Monday, the West Aurora School Board reviewed a 10-year report of the district’s equalized assessed valuation, or EAV, which impacts the district’s income from property tax revenues.
The conversation dovetailed into reports from the district’s financial consultant, Robert Lewis of PMA Securities, and the district’s architect, Pat Callahan of Studio GC Architecture.
The West Aurora School Board has begun a review of long-range capital projects at its various schools and the options to fund those improvements.
Although the School Board has made no decision on whether to go to voters for a referendum, they have begun to have discussions about pressing facility needs, with a focus on the newer geothermal heating and cooling system for several buildings.
Christi Tyler, the district’s chief financial officer, said West Aurora’s EAV has dropped another 8.44 percent based on the preliminary estimates.
“We are dropping to below the 2003 levels overall,” Tyler said.
The 2012 EAV was $1.4 billion ($1,408,650,458), while the 2013 estimated EAV was $1.3 billion ($1,289,788,444). Tyler said the 2013 estimated EAV is slightly under the district’s 2003 EAV which was $1,293,995,836.
Tyler noted one bright spot was in new construction, which totaled $2.8 million in 2012, while this year’s preliminary estimate was $4.3 million.
Tyler said while the EAV is decreasing, the district will be able to levy up to the increase in the Consumer Price Index, which is 1.7 percent for levy year 2013.
Tyler said the annual tax levy will be presented to the School Board in November.
The levy must be filed with the Kane County clerk by the last Tuesday in December.
Tyler said the final EAV will be available in March. The final estimates historically have been 1.5 percent to 2 percent lower than the preliminary estimates, she said.