Property taxes for residents of the Moline School District may go down next year.
This week, Chief Financial Officer Dave McDermott recommended lowering the tax levy by about one-half of one per cent - from $5.11 per $1,000 dollars assessed value this year, to $5.08 next year.
"So that if you had a house that was valued at $100,000, you would see a decrease of dollars charged to the taxes for the Moline-Coal Valley School District of about $8."
And even though the property tax rate will go down slightly, rising property values will bring in about half a million dollars in new money to the school district. McDermott says the equalized assessed value of property in the district is expected to go up for the 3rd year in a row, after five years of flat or declining values.
The Moline school board will hold a public hearing on the proposed levy at its November meeting, with final approval expected in December. Taxing bodies in Illinois must submit their proposed tax levy to their counties by the end of the year.
