Mount Prospect holding the line on property taxes

Mount Prospect trustees passed the village’s budget and property tax levy Tuesday, with the village holding the line on property taxes.

The property tax levy for next year is $18,235,179, the same as last year.

Finance Director Amit Thakkar said residents were spared approximately $6 million in property tax increases through abatements in the levies for debt and pensions. The abatements are funded by village revenues, including $925,000 from the recently passed local grocery tax, which had previously been collected as a sales tax, and $300,000 from the video gambling tax.

Trustee John Matuszak praised village staff for its work.

“You guys have done a great job managing our funds and being responsible and putting us in a very good financial place,” he said.

Trustees passed a balanced budget for 2026, projecting revenues of $187.8 million, a 13.1% increase, with property taxes accounting for $25.5 million. Expenses of $192.5 million will be offset by $4.8 million from reserves, Thakkar said.

The budget includes money for three new firefighter/paramedics, reducing overtime costs and providing more room for training, vacation and sick time coverage, Thakkar said.

Two new patrol officers will be added in 2026, allowing reinstatement of the traffic unit.

Water and sewer fees will increase by 6.75%.

Anyone using 5,000 gallons monthly pays $109.46, which will increase to $116.87 next year.

Garbage rates will increase by 3.5%, raising annual charges from $291.3 to $301.5 for single family homes.