Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ID 21-280    Name:
Type: Presentation Status: Passed
In control: President and Board of Trustees
On agenda: 11/1/2021 Final action: 11/1/2021
Title: Truth in Taxation Public Hearing for the Proposed Tax Year 2021 Property Tax Levy
Attachments: 1. Truth in Taxation Posting for FY 2022 V2, 2. Property Tax Year to Year Comparison
Submitted By
Steve Drazner, CFO

Reviewed By
AMZ

Agenda Item Title
Title
Truth in Taxation Public Hearing for the Proposed Tax Year 2021 Property Tax Levy

End
Overview
Overview
Each year the Village Board adopts a tax levy to fund general Village operations, debt service payments, and mandatory employer contributions to the police and fire pension plans. Excluding the Oak Park Library's levy, the Fiscal Year 2022 (tax year 2021 levy) is expected to be exactly 3% greater than last year's extension. Including the Oak Park Public Library levy, the increase is expected to be 3.0%.

According to state statue, a public hearing and additional posting is required when the increase is 5% or more. Although the anticipated increase is below the 5.00%, holding a truth in taxation hearing provides the public additional transparency.

Body
Staff Recommendation
Hold the public hearing and receive comments.

Fiscal Impact
N/A.

Background
State statue (35 ILCS 200/18-70) requires a public hearing to be held prior to the approval of the proposed property tax levy if the proposed levy for the next tax year exceeds 105% of the current tax year's levy.

The Village portion, excluding the Oak Park Public Library, for the Fiscal Year 2022 (tax year 2021) year tax levy is a 3.00% increase from the FY 2021 (tax year 2020) extended levy. Including the Oak Park Public Library's request, the proposed tax levy is a 3.00% increase from the FY 2021 (tax year 2020) extended levy.

Excluding the Library, the Village's total levy for next year as published in the truth in taxation notice calls for an increase of $1,049,078. The Village's total levy for FY21 was $40,193,255 and the initial estimate of the levy for FY22 is $41,473,673.

The following items account for the primary increases to the Village's levy:

a) Police Pension Levy increase=$346,416
b) Fire Pension Levy increase=$374,543
c) Debt Service Levy increase=$52,360
d) General Operations Levy increase=$275,759

It i...

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