New Property Growth consists of two components:
- New property developments within the D39 taxing boundary and
- An estimate of increased value based on improvements to existing property
New Property Growth Examples:
- For Tax Year 2017, D39 is estimating $24.5M of new property growth comprised of $16.5M for Mather Place expansion plus $8M for increases based on construction projects on existing property. Note that this is probably a high estimate but the County Clerk will correct for the actual new property growth once the County determines that number in 2018.
- For Tax Year 2016, D39 estimated $24,500,000 (or 2.25%) for new property growth, while the actual amount (as later determined by the County) was closer to 0.63%. The actual increase in the 2016 tax levy reflected the actual 63% increase (not the estimate).
- If the estimated new growth does not materialize, D39 does not collect anything extra. Rather the County Clerk adjusts the tax levy to reflect actuals.