Legal Debt Limit The Illinois School Code imposes a statutory limit of 13.8 percent on the ratio of the total outstanding property tax - supported debt that a school district may borrow compared with a school district's equalized assessed value, which generally represents a fraction of total property value in the district. (cps.edu)
The remaining four percent, about $ 109 million a year, is shared — the county gets 85.5 percent, the City of Kingston 11.5 percent (a little under $ 13 million annually) and the towns share the remaining 3 percent, based on total property value. (hudsonvalleyone.com)
Yet by the late 1980s, when the real estate bubble was still being inflated, household and corporate replacement costs of buildings left land with only about 28 percent of total property values. (michael-hudson.com)