2026 Proposed Property Tax Levy
The Bement CUSD #5 Board of Education will hold a public hearing regarding the proposed 2026 property tax levy on Wednesday, December 9, 2026, at 6:00 PM in the Elementary Conference Room (G204-a) at Bement Elementary School, 201 S. Champaign Street, Bement, Illinois.
The proposed 2026 levy represents a 5.63% increase over the previous year's corporate and special purpose property tax extension. However, an increase in the levy does not necessarily mean an increase in the district's overall property tax rate.
[Click here to view the 2026 Truth in Taxation Public Notice]
What is a property tax levy?
A property tax levy is the amount of property tax dollars a school district requests to help fund educational programs, transportation, facilities, and other authorized district expenses.
Key Terms
Tax Levy: The amount of property tax revenue requested by a public taxing body.
Tax Extension: The amount of property taxes calculated by the county clerks based on final property values, authorized rates, and applicable legal limitations.
EAV: Equalized Assessed Value, which is the taxable value of property after applicable equalization and exemptions. In Illinois, assessed values are generally based on approximately one-third of market value before equalization and exemptions.
How is a property tax levy calculated?
The district develops its annual property tax levy by considering its financial needs, previous tax extensions, estimated property values, anticipated new construction, and applicable Illinois tax laws.
The basic property tax calculation is:
EAV × Tax Rate ÷ 100 = Property Tax Extension
Because the final EAV is not available when the Board approves the levy, the district must use estimated property values to determine the amount of revenue to request.
Is the property tax levy approved by the Board of Education the final amount?
No. The levy approved by the Board of Education is a request for property tax revenue, not necessarily the amount the district will ultimately receive.
The final tax extension is calculated by the county clerks after property values and applicable tax limitations have been determined.
Does an increase in the levy mean property tax rates will increase?
Not necessarily. As the total taxable property value within the district increases, the district may be able to generate additional revenue without increasing the overall property tax rate.
Based on the district's current estimates, the overall tax rate, including bonds, is projected to decrease from $4.9500 to $4.9096 per $100 of EAV. Final rates will be determined after property assessments and tax extensions are completed.
The Board of Education considers both the district's financial needs and the impact on local taxpayers when developing the annual levy.