Tax bills have increased 20-30%. How much of this increase goes to District 26?
The reassessment is not the tax bill. District 26 tax increases are limited to the Consumer Price Index (CPI) or 5%, whichever is less, plus amounts needed to make bond payments and a one time amount for new property. The CPI for the 2004 tax levy is 1.9%. The average CPI for the last six years is 2.26%. The District 26 increase in the 2003 tax bills being mailed in the fall of 2004 is approximately 3.38%. District 26 will be presenting the Tentative 2004 Tax Levy at the Board meeting on Wednesday, November 3, 2004, which will be held at 7:30 p.m. at River Trails Middle School, 1000 North River Road, Mount Prospect, IL. The Presentation will include explanations about the tax levy process, tax caps, and the effect that new property has on tax extensions.
