Hanover Township Library Proposition to Increase the Limiting Rate
SHALL THE LIMITED RATE UNDER THE PROPERTY TAX EXTENSION LIMITATION LAW FOR HANOVER TOWNSHIP LIBRARY, JO DAVIESS COUNTY, ILLINOIS, BE INCREASED BY AN ADDITIONAL AMOUNT EQUAL TO .26000% ABOVE THE LIMITING RATE FOR THE FOR-LIBRARY PURPOSES OF STRUCTURAL REPAIR AND UPKEEP FOR TAX LEVY YEAR 2024, AND BE EQUAL TO .42130% OF THE EQUALIZED ASSESSED VALUE OF THE TAXABLE PROPERTY THEREIN FOR LEVY YEAR 2026? THE APPROXIMATE AMOUNT OF TAXES EXTENDABLE AT THE MOST RECENTLY EXTENDED LIMITED RATE IS $52,018.46 AND THE APPROXIMATE AMOUNT OF TAXES ESTABLISHED IF THE PROPOSITION IS APPROVED IS $65,543.26. FOR 2026 LEVY YEAR THE APPROXIMATE AMOUNT OF THE ADDITIONAL TAX EXTENDABLE AGAINST PROPERTY CONTAINING A SINGLE-FAMILY RESIDENCE AND HAVING FAIR MARKET VALUE AT THE TIME OF THE REFERENDUM OF $100,000.00 IS ESTIMATED TO BE $42.13. IF THE PROPOSITION IS APPROVED, THE AGGREGATE EXTENSION FOR 2026 WILL BE DETERMINED BY THE LIMITING RATE SET FORTH IN THE PROPOSITION, RATHER THAN THE OTHERWISE APPLICABLE RATE CALCULATED UNDER THE PROVISIONS OF THE PROPERTY TAX EXTENSION LIMITATION LAW (COMMONLY KNOWN AS THE PROPERTY TAX CAP LAW).
