School District 120 has been successful in maintaining a relatively low tax rate for many years, thanks to sound fiscal management and a successful shared services model with School District 75 that have saved both districts millions of dollars over the past several years. Due to these reasons, the tax rate for School District 120 is currently $2.48, the third lowest among Lake County high school districts.
The District has drafted a facility improvement plan to address aging infrastructure, overcrowding and educational limitations. The plan under consideration would require voter approval of a $149.5 million building bonds referendum. A successful referendum would mean a tax increase for property owners inside District 120 boundaries.
The amount an individual property taxpayer would pay depends on multiple factors, including the number of taxpayers in the district, the assessed value of a household's property, and a taxpayer’s exemptions (for more information, refer to the Lake County Assessor’s website).
To estimate the tax impact for a homeowner, refer to the “Fair Market Value” as listed on a property tax bill. [See sample tax bill below.] Note that this is a different value from what a house might sell for on the open market. Here are some average anticipated tax impacts:
- For a $100,000 home, an annual increase of $164 or $14 per month
- For a $300,000 home, an annual increase of $564 or $47 per month
- For a $500,000 home, an annual increase of $964 or $81 per month