D120 Tax Implications

D120 Tax Implications

School District 120 is asking voters to support a $175 million building bond issue in April.

A successful referendum would mean a tax increase for property owners inside District 120 boundaries. But because of how the bonds will be scheduled, there will be less of an impact in the first couple of years. The tax rate increase will be phased-in during the first three years with less of an impact during the initial two years and more of an impact in later years.

The tax rate would increase by 35 cents (per $100 of equalized assessed valuation) in 2024, by 60 cents in 2025 and 80 cents by 2026.

The tax impact for the owner of a $300,000 house would be about $320 for the first year, about $550 in the second year and about $690 in the third and subsequent years. Those numbers could possibly decrease slightly in future years, if the overall property value in District 120 increases. See the chart for an estimated tax impact based on the value of your property.

Currently, the tax rate for Mundelein High School is $2.48, the third lowest among Lake County high school districts.As the tax rate increase is phased in, MHS would move to the top quarter among Lake County high school districts.