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Superintendent’s Report

Dr. Matthew L. Montgomery

Lake Forest District 67

Board of Education Meeting

May 14, 2024

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Tonight’s Report

Your Property Tax Bill

8th Grade Student Roundtable

APT

Spring Food Drive

May 15

Look Ahead Webcast

Educator of the Year Nominee

DPM Class of 2024

Graduation

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Understanding Your 2023 Tax Bill�Payable in 2024

Tax Year: In Lake County, property tax bills are generated using information from the previous year.

Tax Year: In Lake County, property tax bills are generated using information from the previous year.
Taxing Bodies: While you pay your property taxes to the Lake County Treasurer, the money is distributed to many taxing bodies in your area. Rate: You will notice that the rate is different depending on the taxing body.
It may help to think of it like a pie.
Taxing bodies, including school districts, villages, the county and many others determine how much they need to collect in taxes (or levy) and that determines the size of the pie. Property assessments (which you receive later in the year) determine how the pie is divided to ensure property taxes are fairly distributed.
Assessed Value: This is determined by adding the value of your land and home, and in some cases other factors such as farmland. The assessed value may seem low to you. This is because it’s 1/3 of the fair market value of your property.
Exemptions: Homestead exemptions can provide tax relief to eligible homeowners, as it exempts taxable value prior to the calculation of property taxes.
In Illinois, exemptions are available for general homestead, seniors, disabled persons, disabled veterans, returning veterans (within the last two years), and home improvements. See if you have all the exemptions to which you are entitled by using the Smartfile E-Filing portal at assessor.lakecountyil.gov.
Amount Due: Payments are broken down into two installments.
You can learn more about the ways to pay your property tax bill by visiting lakecountytreasurer.info.

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Breaking it Down

TAX RATES

LAKE FOREST

Total: 6.253863

D115: 28.63%
D67: 26.54%
City of Lake Forest: 24.97%

LAKE BLUFF

Total: 7.286409

D115: 24.58%
D65: 39.41%
Village of Lake Bluff: 11.41%

KNOLLWOOD

Total: 7.047787

D115: 25.55%
D65: 40.98%
Knollwood: N/a

LAKE FOREST EXAMPLE

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Factors That Influence Your Property Tax Bill

Fair Market Value - Land plus building
Equalized Assessed Value (EAV) - ⅓ Fair Market Value
State Equalization Rate - Multiplier to ensure fair assessment across townships/counties
Tax Cap - Maximum increase to aggregate levy allowed by law
Tax Rate - Total final levy divided by total EAV
Exemptions - Full, Senior, homestead, improvement
Voter-Approved Referendum

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The Promise

$105.7 M

20-Year Duration

$974 annual tax increase for a

home value of $1,000,000

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Comparison to the Promise

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annual tax

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2023 Tax Comparison ($1M Home)

Calculation: (fair market value of home divided by 3) minus homestead exemption times (X) tax rate

Source of tax rates = Lake County Tax Assessor

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For More on Understanding Your Property Tax Bill

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Visit our Website to

Calculate Your Taxes

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DPM Eighth Grade Student-Superintendent Roundtable

An opportunity for departing DPM eighth-graders to share key insights about their middle school experience as they prepare to move on to Lake Forest High School

May 17, 9:00 AM

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APT Spring Food Drive 2024

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Educator of the Year 2024 Nominee

Dr. Jeff McHugh

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Deer Path Middle School

Eighth Grade Graduation

Tuesday, May 28, 2024

5:00 PM in the LFHS West Field House