Understanding the Tri-Valley Tax Levy
Scheduled for approval in December 2024, Payable in 2025
The primary source of funding for the Tri-Valley school district are the property taxes collected locally. The pie chart from Illinois Report Card (below) shows approximately 80% of the school’s funding is local property taxes. All taxing bodies including schools must complete a tax levy which is a request for funds for the following year. The Tri-Valley school board will vote to approve the formal tax levy at the December 18th board meeting, at 6:00 PM, at the unit office. 
One of the three established goals for the Tri-Valley board of education is:
DISTRICT GOAL #2: Be creative financial stewards who collectively advocate for and invest in student growth and learning.
Furthermore, the superintendent follows three operating norms for finance:
Present to the public a balanced and fiscally responsible budget annually.
Maintain a steady property tax rate.
Consider alternative funding sources and grants whenever possible.
Tax Levy Projections and Impact
This year, the Equalized Assessed Value (EAV) of all property in Tri-Valley is estimated to have 10.43% growth over last year’s levy. This growth is consistent throughout the region. Property owners throughout all of McLean County, including all Tri-Valley residents, can expect tax bills to be higher in 2024 due to the increased assessed value of property. However, Tri-Valley CUSD #3 anticipates the actual tax rate to be slightly lower for the upcoming school year.
The total Estimated Assessed Value of property within the school district has increased by an estimated 10.43% according to projections from the McLean County Assessor.
The 2024 projected tax rate for Tri-Valley is 5.48778%, which is slightly lower than 2023 (5.48833%).
This year’s District Levy for Tri-Valley CUSD #3 is projected at $11,204,842.00.
An additional $1,308,390.00 will also be levied for the payment for bonds and interest.
How the Tax Levy is Created & Approved
The Tax Levy is the school district’s “ask” for property tax dollars to be used during the year. At Tri-Valley the levy is established by the superintendent and approved by the board of education. This process includes a review of (A) the projected district budget (staffing, operational costs, and student needs) and (B) anticipated changes to the EAV (Equalized Assessed Value) of property in the district, which is set by the McLean County Assessor's office.
Each year the school board approves the tax levy at the December board meeting. The school district must submit a board-approved levy to the county clerk’s office by the last Tuesday in December in order to receive funding through local taxes.
After receiving the levy, the county clerk's office sets the Tax Extension (the “get”) which is the real revenue paid to the district. The extension is formally set upon the finalized EAV which is established later in the spring by the county assessor.
How the EAV (Equalized Assessed Value) of property is set
Property EAV is established by the McLean County assessor, not the school district. The EAV rate represents one-third of the annual market value of all properties in the district. We must use estimated numbers for the levy because it is due in December but the official EAV rates are not finalized until the spring.
The annual EAV review process by the county assessor includes (A) the addition of new construction, (B) farmland assessment, and (C) a sales ratio adjustment based on a comparison of property values to actual property sales.
The county assessor’s EAV estimates for 2024 anticipate 86% of the increase coming from sales ratio adjustments, with 13% from new construction and 1% in new farmland assessment.
Tax Levy Timeline
November 6 - Board Finance Committee met to consider initial tax levy projections.
November 20 - Board authorized the superintendent to prepare the tax levy. Initial projections presented and discussed in open session.
December 4-11 - Truth in taxation hearing notice posted in The Pantagraph.
December 18, 6:00 PM - Truth in taxation public hearing at unit office.
December 18, 6:30 PM - Board action item to approve tax levy.
December 31 - Deadline to submit the school district’s tax levy to the McLean County Clerk.