Researcher: Bond referendums have varying tax impacts
(The Center Square) – A policy researcher says bond referendums without stated property tax increases may still impact taxpayers.
More than 50 tax and borrowing measures are on the ballot in various local jurisdictions across Illinois, and more than 25 of the referendums would authorize new or higher property tax levies.
Champaign Unit 4 School District is asking voters to consider a $192 million facilities plan with an estimated zero annual tax increase.
Illinois Policy Institute policy researcher Adam Gorcyca said voters should keep something else in mind.
“If there’s no tax increase, could there have there been a tax decrease if this referendum didn’t pass? And what taxes were imposed originally to pay off the first round of debt?” Gorcyca told The Center Square.
Gorcyca said Community Unit School District 300 in Carpentersville made it transparent that its bond debt will raise taxes.
“They proposed a $355 million bond question, and they estimated an annual property tax increase about $101 on a $400,000 home,” Gorcyca said.
St. Charles Community Unit School District 303’s $282.5 million bond referendum is projected to raise property taxes by $645 a year on a $500,000 home.
“That will affect Kane County and DuPage counties. Oswego Community Unit School District has a $317 million bond in Kendall, Kane and Will counties, and that is projected to increase taxes $100 annually on a $300,000 home,” Gorcyca said.
Gorcyca said Illinois has some of the highest property taxes in the nation, and adding new debt won’t help.
State Rep. Dan Ugaste, R-Geneva, said referendums are being done the right way in his district.
“They’re going to the voters and they’re asking them what they think as far as what they want to invest in and what it would cost them on their property taxes. They’re also doing it on the general election cycle, which is when most voters are engaged,” Ugaste told The Center Square.
The campaign for Ugaste’s opponent, Democrat Ricky Rivard, did not reply to The Center Square’s request for an interview.
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