City approves first budget reading, tax bump

City Council approved Elgin’s proposed 2026-27 budget and a higher property tax rate on first reading last week, with another round of discussion ahead before both are finalized.

The budget is built around a proposed rate of 68 cents per $100 valuation, up from nearly 62 cents last year. The increase would cost a homeowner with a $100,000 house about $66 more in taxes this year.

Budget documents show the proposed rate would generate about $8.5 million in property taxes, up from roughly $7 million last year. Almost $300,000 of that increase would come from new property added to the tax rolls.