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 ...
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