What will the plan cost?
A plan to revitalize Highland Park’s unique resources for today and for the future
What will the plan cost?
The total public cost for the lakefront improvement plan, which includes both Rosewood Beach and Central Park, is expected to be $32 million. This includes all facilities and renovations at both beaches except for the harbor. Another $13 million will be raised privately to cover the costs of the harbor. The Park District of Highland Park will ask voters to approve the project through a referendum on November 4. The tax implications will be approximately $67 per $100,000 of fair market value on your home.
Referendum Question
Near the end of ballot, you will see the following question:
Proposition To Increase The Limiting Rate
Shall the limiting rate under the Property Tax Extension Law for the Park District of Highland Park, Lake County, Illinois, be increased by an additional amount equal to .20% above the limiting rate for levy year 2007 and be equal to .4980% of the equalized assessed value of the taxable property therein for levy year 2008?
- The approximate amount of taxes extendable at the most recently extended limiting rate is $8,084,589 and the approximate amount of taxes extendable if the proposition is approved is $13,510,487.
- For the 2008 levy year the approximate amount of the additional tax extendable against property containing a single family residence and having a fair market value at the time of the referendum of $100,000 is estimated to be $67.
- If the proposition is approved, the aggregate extension for 2008 will be determined by the limiting rate set forth in the proposition, rather than the otherwise applicable limiting rate calculated under the provisions of the Property Tax Extension Limitation Law (commonly known as the Property Tax Cap Law).
Tell me more about the referendum
Why doesn’t the referendum question say anything about lakefront improvements?
The form and content of the ballot question are mandated by law and cannot describe the intended uses for the additional tax revenue requested. However, the Park District’s Board of Park Commissioners has earmarked this proposed revenue to finance the construction costs for the lakefront improvement project and future operating expenses.
The Park District of Highland Park is a unit of local government subject to the Property Tax Extension Limitation Law (commonly known as the Property Tax Cap Law). The District must receive voter approval in order for it to receive tax monies greater than those routinely allowed under the “Tax Cap.”
The question asks for approval to raise the tax rate governed by the Tax Cap (which does not include taxes for payment of bond principal and interest, and taxes for special recreation programs for the disabled) by .20¢ from an estimated rate of 29.9¢ to 49.8¢ per each $100 of equalized assessed value of taxable property. The Park District’s current total tax rate (which does include bond and interest and special recreation taxes) is 37.7¢ for each $100 of equalized assessed value of taxable property.
If the referendum is approved, a single-family residence having a fair market value of $100,000 currently paying the District $99 in property taxes would pay an additional $67, or a total to the District of $166. If the referendum is not approved, the estimated taxes paid by such residence to the District would remain approximately $99.
The Park Board believes that the fulfillment of the lakefront improvement plan is necessary to the revitalization of this wonderful and unique resource of Highland Park – the shoreline of Lake Michigan.
