Thursday, August 18, 2016 at 10:30 AM
CPS Loop Office
42 W. Madison Street
Chicago, IL 60602
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NOTICE OF PROPOSED PROPERTY TAX INCREASE FOR
THE BOARD OF EDUCATION OF THE CITY OF CHICAGO
(COMMONLY KNOWN AS “CHICAGO PUBLIC SCHOOLS”)
I. A public hearing to approve a proposed property tax levy increase for the Board of Education of the City of Chicago (commonly known as “Chicago Public Schools”) for the Fiscal Year beginning July 1, 2016, and ending on June 30, 2017 (“FY2017”) will be held on August 18, 2016, at 10:30 a.m. at the Chicago Public Schools Loop Office, 42 West Madison Street, Garden Level, Board Room, Chicago, Illinois 60602.
Any person desiring to appear at the public hearing and present testimony to the taxing district may contact Estela Beltran, Secretary to the Board, Office of the Board, either by mail at 42 West Madison Street, Suite 950, Chicago, Illinois 60602 or by telephone at (773) 553-1600. Speaker and observer registration will be available on August 18th from 9:00 am – 10:00 am on the 1st floor of the Madison Street lobby.
II. The corporate and special purpose property taxes extended or abated for the Fiscal Year commencing July 1, 2015, and ending June 30, 2016 (“FY2016”), were $2,398,390,931.
The proposed corporate and special purpose property taxes to be levied for FY2017 are $2,741,200,000. This represents a 14.3% increase over the previous year.
III. The property taxes extended for debt service and public building commission leases for FY2016 were $53,638,850.
The estimated property taxes to be levied for debt service and public building commission leases for FY2017 are $53,179,003. This represents a 0.9% decrease over the previous year.
IV. The total property taxes extended or abated for FY2016 were $2,452,029,781.
The estimated total property taxes to be levied for FY2017 are $2,794,379,003. This represents a 14.0% increase over the previous year.
Dated at Chicago, Illinois
August 10, 2016
Chicago Board of Education
By: /s/ Frank M. Clark
/s/ Estela G. Beltran