Borrowing costs remain near historic lows, and construction costs continue to increase. The longer the district waits to address facility improvements, the more it will cost.
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- Lease at Randall Oaks will expire in 2017 (rent has been prepaid from 2012-2017)
- Lease can be extended on a six-month basis until 2022.
- After 2017, funds that could be invested in a permanent facility will be spent on rent.
The question means: Shall the tax rate for FRVPLD be increased by 21 cents for a total tax rate of 42 cents?
The library did not write the question. The exact wording on a ballot question for a library district referendum is strictly dictated by Illinois statutes. Unlike most other units of local government, library districts do not have the legal authority to determine the wording of the question or to place advisory questions on the ballot.
A “YES” vote will approve a tax increase and allow the library to move forward with facility expansion plans.
Shall the limiting rate under the Property Tax Extension Limitation Law for the Fox River Valley Public Library District, Kane County, Illinois, be increased by an additional amount equal to 0.21000% above the limiting rate for any purpose of said Library District for levy year 2015 and be equal to 0.41949% of the equalized assessed value of the taxable property therein for levy year 2016?
Here is an example of how to calculate the tax impact of the referendum on a home with a FAIR MARKET VALUE of $100,000
The estimated tax impact of the referendum is as follows:
Home’s Fair Market Value1
Home Assessed –Value (EAV)2
Estimated Yearly Tax Impact3
The current tax rate for FRVPLD (20.9 cents) is one of the lowest in the county.
The Fox River Valley Public Library District serves East Dundee, West Dundee, Carpentersville, Gilberts, Sleepy Hollow, and portions of Algonquin, Elgin, and Barrington Hills.
No. Only about 7% of Fox River Valley Libraries’ circulation is e-books. Satisfying the demand for materials in all formats, including print, audio, and digital, is a core function of the library. After 10 years of availability, e-book sales have reached a plateau and print continues to outpace digital.