UPDATE 11:06 P.M.
TREMONT, Ill. – Voters in Tremont have overwhelmingly approved an increase in the limiting tax rate for the school district, while the district says it will lower taxes.
With all precincts reporting, 65.7% of voters approved a 0.40% increase to the rate, making it 4.62% for taxes payable next year.
Officials with the Tremont CUSD #702 say the approval of the rate increase will coincide with a projected 0.79% decrease in the bond tax rate, which is projected to be 0.12% in 2026. The district says that’s due to a significant portion of building bonds being paid off.
The district says the overall tax rate will go down because the decrease in the bond rate is more than the increase in the limiting tax rate.
Officials say the district will be able to raise at least $700,000 annually more each year. It plans to use the money to fund current programs, adding more programs, adding and retaining staff, and upgrades to facilities, safety, security, and technology.
Voters in the Metamora Grade School District gave the district a lifeline, approving an increase in the maximum annual tax rate.
With 70% approving, voters approved a 52% increase in the rate, moving from 1.52% to 2.31%. The average homeowner is expected to pay around $350 more annually in taxes.
Leaders in the district have said the increase was needed because no further cuts can be made without shutting down the district.
In the Olympia School District, voters in the five counties that make up the district, including Tazewell and Woodford, approved two tax rate increases.
25 News reports a proposal to increase the maximum annual tax rate to 3.4% from 2.9% was approved with 65% of the vote. Voters also approved a proposal to increase the operations and maintenance tax rate from 0.5% to 0.75% with 66 percent of the vote.
District leaders say the overall tax rate will not change because the district will not have to borrow at higher interest rates.
In a statement, Superintendent Laura O’Donnell says the district is “thrilled” to provide additional opportunities for students with no tax rate impact on voters.
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TREMONT, Ill. – Voters in Tremont have overwhelmingly approved an increase in the limiting tax rate for the school district, while the district says it will lower taxes.
With all precincts reporting, 65.7% of voters approved a 0.40% increase to the rate, making it 4.62% for taxes payable next year.
Officials with the Tremont CUSD #702 say the approval of the rate increase will coincide with a projected 0.79% decrease in the bond tax rate, which is projected to be 0.12% in 2026. The district says that’s due to a significant portion of building bonds being paid off.
The district says the overall tax rate will go down because the decrease in the bond rate is more than the increase in the limiting tax rate.
Officials say the district will be able to raise at least $700,000 annually more each year. It plans to use the money to fund current programs, adding more programs, adding and retaining staff, and upgrades to facilities, safety, security, and technology.
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