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Tax Levy And Extension


Each year the consumer pricing index, and the equalized assessed value minus the new construction assessed value is used to establish the limiting tax rate.  The resulting rate is applied against the total equalized assessed value.


When determining the levy and budget, if the full limiting rate is not calculated and applied, new construction avoids full taxation.  The inequity cannot be corrected in subsequent years, because the tax cap limits the increase.


However, new construction requires increases to services.  If new construction is not fully taxed, an unfair tax burden is shifted upon the residents currently living in Warren Township.  Therefore the full limiting rate must be calculated and applied against the new construction.


Warren Township has 11 funds and tax levies.  Some funds have a maximum rate; others have a limit to the fund?s use.

     General Town                                         rate limit

     General Assistance                                 rate and use limit

     Town Insurance                                      use limit

     Social Security                                        use limit

     IMRF                                                       use limit

     Park Maintenance                                  rate limit


     General Road and Bridge                     rate limit

     Road Insurance                                      use limit

     Permanent Road                                    rate limit

     Joint Bridge                                            use limit

     Equipment and Building                       use limit

Because taxes are capped but construction is not capped, the maximum rates are not levied.  Increase in property value combined with the increase in equalized assessed value due to new construction, results in a lower tax rate even though tax amounts increase.


Therefore as high as taxes are, they could be much higher.  The maximum rates could be applied straight against the total equalized assessed value.  The tax cap has protected against the soaring increases that would have resulted.





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