Find a recent article discussing the property tax levy proce

Find a recent article discussing the property tax levy process of a municipality in Illinois. Discuss the process they undertook towards adopting the levy, any controversy surrounding their process, and the eventual outcome. Include historical trend data. PLEASE PROVIDE APA CITATION FOR ARTICLE CHOSEN

Posts should be more than a “book report”, and display proof of critical thinking.

Governing Magazine http://www.governing.com

American City and County Magazine http://www.americancityandcounty.com

Government Finance Officers Association http://www.gfoa.org International

City / County Management Association http://www.icma.org

The Fiscal Times http://www.thefiscaltimes.com

Illinois Municipal League http://www.iml.org

The amount of property tax dollars a school district requests to operate the district for the subsequent fiscal year is known as the property tax levy.The property tax cycle is the annual process of adopting a levy and then receiving the tax money.

Also, the term \'\'Aggregate property tax levy\'\' is the total annual property tax dollars that a school district is entitled to receive from its combined individuals fund rates, exclusive of the bond and interest fund.

Property tax revenue = Tax rate * School district\'s total taxable assessed valuation

And this process of setting a levy is completed annually and must be approved by a school board prior to the last Tuesday of December. levies are often tentatively approved in November.

The cycle can be compared to the seasons in a year like,

Winter(December) - property tax is approved.

Spring(June) - county clerks process billing statements for property owners

Summer - county treasurer distributes property taxes collected from the first installment payment.

Fall - the second installment payment is distributed and the cycle begins.

Property Tax Extension Limitation Law (PTELL) or \'\'tax cap\'\' governs the property tax here.

In all the districts, a process known as \'\'truth-in-taxation\'\' must be completed if a levy is greater than 5% of the previous year\'s extensions, excluding bonds and interest.

This process will require a notice in local newspaper. It should not be published more than 14 days or less than 7 days prior to public hearing to review the proposed final property tax levy.

Limiting rate is the tax rate that allows the school district to impose the maximum amount of property taxes allowed under the extension limitation. The sum of all tax rates for funds subject to the PTELL cannot exceed the limiting rate.

Limiting rate = PYEAV * (1+I) / CEAV-NP-AX-TIF+DIS

PYEAV = Prior Year Equalized assessed valuation

I = Inflationary increase

CEAV = Current equalized assessed valuation

NP = Net property

AX = current EAV of any annexations

TIF = recovered Tax increment after the TIF expires

DIS = current EAV of any disconnection