Truth in Taxation Hearing
Wednesday, October 25, 2023 at 10:00 AM
CPS Loop Office
42 W. Madison Street
Chicago, IL 60602
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NOTICE OF PROPOSED PROPERTY TAX INCREASE FOR
THE BOARD OF EDUCATION OF THE CITY OF CHICAGO
(COMMONLY KNOWN AS “CHICAGO PUBLIC SCHOOLS”)
1. A public hearing to approve a proposed property tax levy increase for the Board of Education of the City of Chicago (commonly known as “Chicago Public Schools”) for the Fiscal Year beginning July 1, 2023, and ending on June 30, 2024 (“FY2024”) will be held on October 25, 2023, at 10:00 a.m. at the Chicago Public Schools Loop Office, 42 West Madison Street, Garden Level, Board Room, Chicago, Illinois 60602.
For this Truth in Taxation Hearing, advance registration to speak will begin on Monday, October 23, 2023 at 10:00 a.m. and will close on Tuesday, October 24, 2023 at 5:00 p.m. or until 10 slots have been filled, whichever occurs first. Advance registration during this period is available by the following methods:
Online: www.cpsboe.org (recommended)
Phone: (773) 553-1600
The Public Comment segment of the Truth in Taxation Hearing will conclude after the last person who has registered to speak has spoken, or 10:30 a.m., whichever occurs first.
Registered speakers who wish to present during Public Participation may have the option to participate in person at the location of the Hearing or virtually via an electronic platform. The public will have access to the Hearing via live stream at cpsboe.org.
Members of the public may submit written comments on this proposal via the Written Comments Form on the Board’s website at www.cpsboe.org or mailed to 1 N Dearborn, Suite 950 by 5:00 p.m. Thursday, October 26, 2023.
II. The corporate and special purpose property taxes extended or abated for the Fiscal Year commencing July 1, 2022, and ending June 30, 2023 (“FY2023”), were $3,536,143,680. The proposed corporate and special purpose property taxes to be levied for FY2024 are $3,732,882,160. This represents a 5.6% increase over the previous year.
III. The property taxes extended for debt service and public building commission leases for FY2023 were $52,931,380. The estimated property taxes to be levied for debt service and public building commission leases for FY2024 are $79,702,528. This represents a 50.6% increase over the previous year.
IV. The total property taxes extended or abated for FY2023 were $3,589,075,060. The estimated total property taxes to be levied for FY2024 are $3,812,584,688. This represents an 6.2% increase over the previous year.
Dated at Chicago, Illinois
October 13, 2023
Chicago Board of Education
By: /s/ Jianan Shi President
Attest:
/s/ Susan Narrajos
Secretary
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