2015 Property Tax Levies Will Be Limited to 0.8% Growth

by Franczek Radelet P.C.
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Last week the U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) for All Urban Consumers that will be used in the PTELL limiting rate calculations for 2015 property tax levies collected in 2016.  The 2015 levies of school districts and other taxing agencies subject to PTELL will be limited to an increase of only 0.8% over the prior year.  The chart below from the Illinois Department of Revenue shows the history of the CPI used in limiting rate calculations.  The low CPI numbers over the past several years and limited amounts of new property EAV continue to constrain growth in property tax revenues.  

Illinois Dept. of Revenue
History of CPI’s Used for the PTELL (Printable PDF)
1/21/2015

Year

December
CPI-U

% Change From
Previous December

% Use for PTELL  

Comments

Levy Year

Years Taxes Paid

1991

137.900

--

 

 

 

 

1992

141.900

2.9%

2.9%

 

1993

1994

1993

145.800

2.7%

2.70%

(5 %  for Cook)

1994

1995

1994

149.700

2.7%

2.7%

 

1995

1996

1995

153.500

2.5%

2.5%

 

1996

1997

1996

158.960

3.6%

3.6%

 

1997

1998

1997

161.300

1.5%

1.5%

 

1998

1999

1998

163.900

1.6%

1.6%

 

1999

2000

1999

168.300

2.7%

2.7%

 

2000

2001

2000

174.000

3.4%

3.4%

 

2001

2002

2001

176.700

1.6%

1.6%

 

2002

2003

2002

180.900

2.4%

2.4%

 

2003

2004

2003

184.300

1.9%

1.9%

 

2004

2005

2004

190.300

3.3%

3.3%

 

2005

2006

2005

196.800

3.4%

3.4%

 

2006

2007

2006

201.800

2.5%

2.5%

 

2007

2008

2007

210.036

4.08%

4.1%

 

2008

2009

2008

210.228

0.1%

0.1%

 

2009

2010

2009

215.949

2.7%

2.7%

 

2010

2011

2010

219.179

1.5%

1.5%

 

2011

2012

2011

225.672

3.0%

3.0%

 

2012

2013

2012

229.601

1.7%

1.7%

 

2013

2014

2013

233.049

1.5%

1.5%

 

2014

2015

2014

234.812

0.8%

0.8%

 

2015

2016

 

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Franczek Radelet P.C. | Attorney Advertising

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