Agenda Item:
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Public Hearing and Consideration of the 2026 Village of Glencoe Property Tax Levy
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Staff Contact: Nikki Larson, Deputy Village Manager/Chief Financial Officer
Purpose and Actions Requested: Public Hearing and Consideration of 2026 Village of Glencoe Property Tax Levy
Budget Impact: Budgeted
Strategic Priority Addressed: Workplace of Excellence, Reliable Infrastructure, Economic Vitality, Community Resilience
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BACKGROUND AND ANALYSIS
At the September 17, 2026 Finance Committee meeting, the Village announced the scheduled public hearing on October 13, 2026 to outline and receive public comment on the proposed 2026 Property Tax Levy. A draft Tax Levy calculation was reviewed by the Finance Committee at its meeting on September 17, 2026. Following this meeting, notice of the hearing was published in the Glencoe News on October 1, 2026.
The Tax Levy establishes the amount of property taxes that the Village will collect during calendar year 2027. The Village must conduct a public hearing to consider the proposed Tax Levy estimate and allow for public comment. As is the case each year, the Tax Levy ordinance must be approved by no later than the last Tuesday in December.
The 2026 Tax Levy presented is $14,504,267 (not including debt service, the Village's Fire Pension Fund subject to Public Act 93-0689 or the levy for the Glencoe Public Library), which represents 3.18% increase or a $447,634 increase over the previous year’s Property Tax Extension. This increase is based on the Property Tax Extension Limitation Law (PTELL), which caps non-home rule units at the lesser of a 5% increase or the annual change in the U.S. Consumer Price Index (CPI-U) from the prior year’s extension and aligns with the Village’s financial policy on property tax extensions. This year’s PTELL limit allows the Village to impose up to a 2.7% increase in the 2026 tax extension from the previous year’s levy, with an additional adjustment for any new growth in equalized assessed value (EAV) generated. The recommendation to increase the levy to the PTELL cap is in line with the Village Board’s commitment to the community that the Village would continue to abide by the PTELL cap regardless of the Village’s home rule or non-home rule status.
When debt service, the fire pension and the Glencoe Public Library are included, the total Village Tax Levy for 2026 is $22,388,000 which represents a 4.58% increase or $979,922 from previous year’s total Property Tax Extension. The estimate of the Library’s requested increase is 3.29% or $113,164 more than last year’s extension (including new EAV).
In the current year, the Village (and the Library) is expected to receive additional property taxes in accordance with Public Act 102-0519. This act is designed to reimburse taxing agencies for property tax refunds that are typically deducted from revenue distributions transferred to taxing agencies throughout the year. The goal of this legislation is to ensure that taxing agencies actually receive the full amount of taxes extended by governing bodies, rather than receiving a lower amount that is reduced by refunds. This amount is determined by the County and is therefore not included in the Tax Year 2026 levy request. Unfortunately, as the County is currently running behind on issuing property tax bills, the amount to be received under Public Act 102-0519 is still unknown. However, a conservative estimate has been included in the proposed 2027 Calendar Year budget to account for this reimbursement of funds.
Staff will provide an overview of the proposed Tax Levy at the October 15, 2026 Village Board meeting. It is anticipated that the 2026 Property Tax Levy will be considered for Village Board approval on November 19, 2026.
RECOMMENDATION
Staff recommends that the Village Board conduct the Public Hearing pertaining to the 2026 recommended Tax Levy. No further action is necessary at the October 15 meeting.
ATTACHMENTS
1. Property Tax Levy Estimate