The Village of Glenview does not plan to raise its effective tax rate for 2022, village finance director Erika Smith said at Nov. 16’s trustee meeting.
Village trustees gave preliminary approval to the 2021 Tax Levy at the meeting.
The village tax levy will increase in 2022, but that’s mostly to adjust for the expiration of the tax increment financing district that covered The Glen development. Next year, revenue that would have otherwise funded development within The Glen will instead go onto the tax rolls of the village and other taxing bodies like elementary schools and Glenbrook High School District 225.
The remainder of the increase is attributable to new property in the village, Smith said. The village has projected a 5 % increase in the value of properties within the village, based on new development.
The combined levy for the village and library levy will be $25.8 million in total, about $4.6 million more than last year’s levy. $9.9 million of that will go to the library, with the rest going to village operations or debt service.
Village Manager Mathew Formica noted that residents may see their tax bills go up for other reasons, such as their property being reassessed by the Cook County Assessor or other taxing districts raising rates. The Glen made “make-whole” payments to several taxing bodies that those entities will no longer receive, and the area has expenses of its own that will not be covered by TIF funds after 2021.