Official Statement on Tax Collection
May 3, 2019
Official Statement concerning omission of tax collection for the 2018 Debt Services Extension
The Belvidere Township Park District has experienced a shortfall in tax revenue that was levied in 2017 and would have been extended in 2018. The Debt Services or General Obligation Bond Levy was filed on December 151, 2017 with the Boone County Clerk’s Office for $1,092,200.00. Additionally the Annual Levy Ordinance for Corporate and Recreational Services was filed on December 14, 2017 with the Boone County Clerk’s Office for $2,432,624.00. It was discovered in March 2018 the extension was short $1,092,200.00 needed to be collected for 2018 debt payments owed by the Belvidere Township Park District. An attempt to correct the omission was made in March but failed based on timing and cost factors. The Illinois Tax Revenue Code allows for .the money omitted through administrative error to be collected in the following year’s extension.
The Belvidere Township Park District was able to extend some debt in order to operate in 2018 with limited disruption. The Park District owes an additional $42,000 in interest payments as a result of the omission which will impact the Capital Improvement Program in 2019 and 2020.
In 2019 Belvidere Township Park District residents will see this reflected on their property tax bills. It is a stark increase especially considering the 2018 bills saw a large decrease based on the $1,092,200 not being collected . The estimated effects to an individual homeowner are as follows:
Effect on a single family home valued at $100,000 with homestead exemption
2017 taxes paid to the Belvidere Township Park District —————————————————————-$171.19
2018 taxes paid to the Belvidere Township Park District —————————————————————-$116.33
2019 estimated taxes to be paid to the Belvidere Township Park District ——————————————–$217.66
2020 guestimate range to be paid to the Belvidere Township Park District ——————————————$160-$180
The 2020 guestimate is to show that based on the tax cap laws the Belvidere Township Park District will levy within the legal guidelines and that this large increase is a one-time occurrence, providing the County extends the levy correctly in the future.
The Belvidere Township Park District continues to be committed to serving its residents. If you have any questions about the provided information please contact
Mark Pentecost at 815-547-5711, ext.22.
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by BelviderePD Admin