* Press release…
The Illinois State Board of Education (ISBE) today announced the 39 school districts that are eligible for the fiscal year 2020 Property Tax Relief Grant – a significant increase in eligible districts over the previous year. The grant, part of the Evidence-Based Funding for Student Success Act, allows eligible school districts to cut local property taxes and replace that revenue with state funds.
Governor JB Pritzker’s FY 2020 budget appropriated $3.65 million more for the grant than in FY 2019. The FY 2020 grant can serve 11 more districts than it did in FY 2019, when 28 school districts received the grant.
The $53,650,000 grant can replace a total of $57,313,122 in local property taxes, once school districts proceed with the abatement. The districts that are eligible for the grant are those that have the highest tax rates within their organization type (elementary, high school, or unit district) out of all those that applied. Eligible districts must submit an abatement resolution to their county clerks by March 30. ISBE will distribute the grant to each eligible district after receiving the Certification of Abatement Form from the county clerk.
Public Act 101-0017 made changes to the program effective this year to expand eligibility to additional districts and to require tax abatement for two consecutive years for the grant amount to become a permanent part of the school district’s Base Funding Minimum going forward.
Click here for the list of communities.
While important to those individual communities and while it will make a difference, that $53.6 million grant is around 0.2 percent of the total property tax levy of about $30 billion.