2019 TAX LEVY Public Hearing and First Consideration of the 2019 - PowerPoint PPT Presentation

2019 TAX LEVY Public Hearing and First Consideration of the 2019 Property Tax Levy Ordinance November 21, 2019 1

FY2020 B FY Budget D Devel elopmen ent t Proces ess Capital Workshop I – Corporate Fund Improvement Sept 12, 2019 Policies Program (CIP) Internal Service Operating Workshop II – Overall Village Funds (CERF, Corporate Fund Department Sept 24, 2019 Financial Picture Insurance and Presentations Risk, FRRF) Capital Improvement October 9, 2019 October 23, 2019 Program (CIP) Open Houses Corporate Fund Capital Water and Workshop III - Update and Permanent and Improvement Sanitary Sewer Oct 29, 2019 Property Tax TIF Funds Program (CIP) Rates Levy Update Tax Levy Public 2019 Property Hearing – Tax Levy Hearing Nov 21, 2019 Budget Public 2020 Budget Hearing – Hearing Dec 3, 2019 2

Property Tax Levy • Defined as the monies the agency obtains through the annual property Government tax • Glenview Village Board adopts an annual property tax levy by ordinance agencies in • Files the ordinance with Cook County Clerk by last Tuesday in December (12/31/2019) • Cook County assesses the tax and it appears on the property owner’s the State of property tax bill • Cook County collects the property taxes from the property owners and IL establish distributes the taxes to the taxing agencies (School Districts, Park District, Village, Library, etc…) • Cook County distributes the tax to the agencies in March and August a “tax levy” • The funds identified in levy are utilized by the Village, along with other revenue sources, to fund the Village Budget 3

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Property Tax Comparison - Village Levy $500,000 Home $3,500 $3,000 Glenview has the second $2,500 lowest property tax on a $500,000 home $2,000 $1,500 $1,000 $500 $0 5 5

2019 Vi Village e Tax L Levy C Calcu culati tion on  Prior year tax levy  Additional EAV from new property growth .88% Growth  Village = $106,958  Library = $55,368 Anticipated impact to current taxpayer = $0 6

2019 Tax Levy Components 7

Public Hearing and First Consideration of the 2019 Property Tax Levy Ordinance DISCUSSION