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City's levy plan reflects increasing value of property

Submitted by admin on Wed, 09/19/2018 - 12:52pm
By

Taking advantage of growth in the city's tax base, the Glencoe City Council approved a preliminary levy for 2019 reflecting an increase in the city's tax base with no new money for operations Monday evening, Sept. 17.
The city council approved a 6.8 percent increase in Glencoe's preliminary levy for 2019. Glencoe will levy $2.545 million in 2019.
City Administrator Mark Larson said the increase takes advantage of a 7 percent bump in the valuation of property in Glencoe's tax base in 2018, growth that will leave the 2019 tax rate the same as 2018. The increase will pay debt service on projects the city council approved and used bonded debt to pay for. Just over 38 percent of the money Glencoe will levy in 2019 will cover debt service.
The proposed 6.8 percent levy hike can only be maintained or reduced by the time the city sets its 2019 levy in December after the truth-in-taxation hearing Dec. 17, 7:05 p.m.
To the owner of the typical house in Glencoe, the 6.8 percent increase means the city's share of the property tax bill should not increase, said City Administrator Mark Larson. If the city’s share of a property’s taxes increases, the hike is likely the result of increased value of the property.

(For the complete story, see the Sept. 19 edition of The Chronicle.)