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The $129.7 million facility referendum proposed by Fenton High School would be an investment that would benefit the entire community in one way or another. If approved, construction would be paid for using bonds – commonly known as loans or capital debt. Referendum proceeds can only be used for building upgrades. The bonds (or debt) needed for construction would come in shortly before work begins, meaning residents wouldn’t see the full amount of the new tax right away. The new tax would expire and be removed once the loans are repaid.
Several property tax exemptions are offered to residents. The most common exemption is the Homestead Exemption given to all owners who reside in their own home (can only apply to one piece of real estate). To see a complete list of potential property tax exemptions and their descriptions, click here and read the Illinois Department of Revenue website.
Below is an interactive tax estimator based on Fenton’s proposed referendum showing the four most common exemptions to choose from after entering the approximate value of your home. The appraiser defaults to $229,000 because that is the average value of a home in District 100.