The impact of the referendum will be determined for each homeowner based upon the assessed value of their property.
Any homeowner can estimate the individual impact of the referendum by multiplying their 2016 Maine Township High School District 207 taxes paid on their 2016 tax bill by 12.96%. The area highlighted in yellow on this example tax bill shows where that information can be found on the tax bill. In this example, the amount this Norwood Park home owner paid to the district in 2016 was $1,723.09. To determine the increase in taxes paid to District 207, this homeowner would take that $1,723.09 figure and multiply that number by 12.96%. In this example, the additional amount in taxes would be $223.31.
Based upon recent home value information from Redfin (www.redfin.com), the average market value of a home in Des Plaines is $245,000 and in Park Ridge it is $384,000. If the ballot question were passed by voters, the impact on the average homeowner in Des Plaines therefore would be approximately $223 per year beginning with the 2018 tax bill, which is payable in 2019. The impact on the average homeowner in Park Ridge would be approximately $350.
Once the bonds are repaid, the debt service levy (taxes) go away. The bonds would be paid over 20 years.