Levy - Town & Road District
The Levy documents below reflect the amount of tax dollars the Township has requested for operating budgets. The amount of tax dollars received will be calculated based on varying factors including the State of Illinois PTELL limiting rate.
How is the PTELL limiting rate calculated? In basic terms, state law provides that the limiting rate is the highest of the prior three year’s extensions, adjusted for inflation, and divided by the current value of all property that was billed the previous year. More specifically, it is a ratio: the numerator is the highest PTELL-capped portion of the extension from the prior three years, multiplied by the increase in CPI in the calendar year prior to the current tax year; the denominator is the current EAV of the district, minus any new construction, annexations or recovered TIF increments, plus any disconnected property as illustrated below:
(Highest capped extension from last 3 years) x (CPI increase)
(Total EAV) – (New Construction EAV) – (Annexation EAV) – (Recovered TIF Increment) + (Disconnected EAV)