BFPD FY26 GFOA Budget - Flipbook - Page 68
| MAJOR REVENUE SOURCES
Property Tax
The District’s main revenue source is property tax. Property taxes become an enforceable lien on
January 1. Taxes are levied each year and collected in two installments in March and August of
the following year. The counties in the District that collect property tax are Cook and DuPage.
These counties are responsible for billing and collecting property tax from the taxpayers. The tax
payments are then remitted to the District.
The District is limited in the amount the tax levy can be increased each year by the Property Tax
Extension Limitation Law (PTELL) .35 ILCS 200/18-185. This law limits the amount that the
District can levy to 5% or the percentage increase in the Consumer Price Index during the 2month calendar year preceding the levy year, whichever is less. A higher property tax can be
levied in special community circumstances such as construction, mergers, consolidations or if
voters approve a higher levy by referendum. This year, the percentage is estimated to be 3.64%
based in the District’s CPI. However, conservative estimates based on collections indicate that
this percentage will likely be 3.5% instead.
Property tax revenue is found in the District’s two major operating funds, the Corporate Fund
and the Ambulance Fund. Property taxes account for 69% of the District’s FY26 budgeted
revenues. Fund projections are based on county estimates and changes in the Consumer Price
Index. A conservative approach is used in all revenue projections.
For the third year since its dissolution, the District is seeing benefits from the conclusion of the
Village of Bartlett’s Brewster Creek Business Park Tax Increment Financing (TIF) program. The
program was started in 1999 to fund the development of a large business park in the Village of
Bartlett. The business park is now home to over 75 businesses and is growing. Currently, the
budgeted FY26 property tax revenue is showing an 3% increase from the FY25 budget—
indicating that property tax growth from the dissolution of the TIF program is beginning to
plateau. Based on historical trend data, the District anticipates total property tax revenues to
exceed projections. This is primarily due to housing developments within the Village of Bartlett
such as the Grasslands Subdivision. However, the District will continue to maintain its fiscally
conservative approach. Note, pension property tax revenue is not added to the FY25 estimates
until it has been audited, making the figures appear lower. Additionally, at the time that this
document was submitted, the District had not received the entirety of its Cook County property
taxes.
P a g e 68 | BARTLETT FIRE PROTECTION DISTRICT | BUDGET OVERVIEW
