At the Dec. 5 Board meeting, the Board held a public hearing for the estimated 2023 tax levy, which is the first step in the process to establish a final levy of property taxes to support the district in 2024. Barrington 220 collects property taxes from Kane, Lake, Cook, and McHenry Counties, and property taxes account for approximately 80% of the district's annual operating revenues. If approved, the district expects to receive an overall levy increase of 5.5% compared to last year, however, it is requesting a 6.3% increase in the event new construction is larger than expected. This is inclusive of capped funds and debt service obligations. Based on projections, the total expected tax revenue to be collected in 2024 is $158,062,300. The Board is anticipated to approve the final tax levy on Dec. 19.
As part of the tentative levy, the Board will not issue Debt Service Extension Base (DSEB) this year. This will save local taxpayers approximately $2.5 million.