Wednesday, April 6, 2011

Peotone School District Referendum Fails

The Peotone School District referendum put to the voters yesterday, April 5, 2011 was defeated by district voters.  According to unofficial results on the Will County Clerks website, there were 993 votes for the referendum and 1,195 votes against the referendum. The referendum was 
comprised of the following text:

"put before voters in the Peotone School District on April 5, 2011:

"Shall the limiting rate under the Property Tax Extension Limitation Law for Peotone Community Unit School District Number 207-U, Will and 
Kankakee Counties, Illinois, be increased by an additional amount equal to 0.6500% above the limiting rate for levy year 2009 for school purposes 
and be equal to 2.9539% of the equalized assessed value of the taxable property therein for levy year 2011? 
(1)  The approximate amount of taxes extendable at the most recently extended limiting rate is  $9,121,708.82, and the approximate amount of taxes 
extendable if the proposition is approved is $11,695,219.27. 
(2)  For the 2011 levy year the approximate amount of the additional tax extendable against property containing a single family residence and having 
a fair market value at the time of the referendum of $100,000 is estimated to be $216.66. 
(3)  If the proposition is approved, the aggregate extension for 2011 will be determined by the limiting rate set forth in the proposition, rather than 
the otherwise applicable limiting rate calculated under the provisions of the Property Tax Extension Limitation Law (commonly known as the Property Tax Cap Law). "