Riverside officials have determined the estimated tax levy for the village and library for fiscal year 2026.
The combined tax levy is estimated at $8.52 million, up 5.82% from last year’s levy of $8.05 million. The funds raised will comprise the majority of the regular operating budgets for both the village of Riverside and the Riverside Public Library, which are separate taxing bodies.
A public hearing on the tax levy is scheduled for Thursday, Oct. 15, at 6:30 p.m., immediately preceding the village board’s regular meeting. A presentation on the village’s 2027 draft budget is also scheduled for the Oct. 15 meeting before a public hearing on the budget ordinance on Nov. 5.
The tax levy and budget ordinance and other documents are set to be adopted by village officials on Dec. 3.
The combined tax levy is just one component that will determine the property tax bills that Riverside homeowners will have to pay next year. The village receives about 15% of the revenue from property tax bills while the library receives about 3%, with upward of 70% going toward local schools.
