If you live in Glenview and are a local property owner, here’s news that may affect you. On November 12, Glenbrook High School District 225 Board of Education determined to levy property taxes by a total of 6 percent.
Two years ago, Glenbrook had discussed a levy that would amount to 3%. This means that property owners in Glenview would now pay a further 3% on their taxes. The proceeds would go to funding the school. Assistant Superintendent for Business Affairs Hillarie Siena had explained that the purpose was to “allow the District to address rising costs due to inflation and financial challenges resulting from new growth, such as increased student enrollment” She had urged that taxpayers not consider the levy as increase in their personal taxes. Rather: “The tax levy is only one of a number of factors that determine how much a property owner actually pays.”
Two days ago, the school district decided to request a total $101.5 million levy citing increases in the Consumer Price Index (inflation rate) and expected 2.2% growth in real estate property.
In 2013, Glenbrook could proceed with their request without expecting to undergo the rigors of a Truth in Taxation hearing. This time, a Truth in Taxation hearing is scheduled for Monday, December 14 after which the levy is expected to be adopted and filed with Cook County. Cook country allows levies up to 5%. Glenbrook requests a 0.8% hike.
Siena urges property owners not to see this as a rise in their property tax. She says that many other factors including the specific valuation of an individual’s property and allowable exemptions factor into how much a property owner actually pays. She also says that this is a “balloon levy,” where the school district levies more than it actually expects to receive because at the time of levy, the equalized assessed valuation (EAV) for new property is unknown.
School districts, she says, are allowed to gain additional revenue from new property that is introduced to the market. Glenview is expecting a 15-2% increase in real estate. School districts have a short pocket of time to capture revenue from new properties. If Glenbrook High School District 225 fails to request the revenue now, it will lose the added value later.
Two years ago, Board President Skip Shein commented that this reasoning is consistent with sound fiscal management and with responsibly for taxpayers to maintain a high-quality school.
What do you think?