Board Approves 2017 Tax Levy

Following a public hearing on December 12, members of the Glenview District 34 Board of Education adopted the district’s proposed tax levy. The district is seeking a 3.5 percent increase over the 2016 tax extension. The levy would result in the district requesting $50,065,190 in revenue for the capped funds. However, the district is anticipating the actual levy extension will be closer to 2.62 percent above the 2016 tax extension. 

That is because the Cook County Clerk’s Office determines the tax extension amount based on the prior year extension, increased by CPI and new property or improvements to property that have come onto the tax rolls in Glenview. Because the assessed value for new property and existing property is not known at the time the district must adopt its levy, it is common practice to levy an amount in excess of what the district actually anticipates to ensure the value of all new property is captured. 

If the district fails to request a levy sufficient to capture new growth, revenue generated by that new property would be permanently lost. 

With that said, there are limits as to how much the district can increase its tax extension. The Property Tax Extension Limitation Law (PTELL), otherwise known as the tax cap, limits the growth in the tax extension to 5 percent or CPI, whichever is lower. Last calendar year CPI was 2.1 percent. 

The 2.62 percent estimated increase to a taxpayer is about $41 for a $300,000 home. 

“Setting the levy amount above the level anticipated is part of the approach to being fiscally responsible. Should the district under levy, significant property tax revenue would be lost in perpetuity, resulting in years of budgeting difficulties because revenues needed to meet increasing operating costs would not be captured,” said Assistant Superintendent for Business Services Eric Miller.