Title
title
Motion to Approve an Estimate of Taxes to be Levied for Tax Year 2025 in the Amount of $52,297,928
end
Introduction
overview
This is a motion to approve an estimate of taxes be to levied for Tax Year 2025 in the amount of $52,297,928.
end
body
Recommended Action
Approve the motion.
Prior Board Action
The Board has taken the following prior action(s):
* On November 19th, 2024, the Village Board held a Truth in Taxation hearing for the 2024 Property Tax Levy (ID 24-549)
Background
The Tax Year 2025 (FY 26) property tax levy will increase to an estimated $52,297,928. This is a 4.98% increase from the previous year, where the total levy was $49,819,126. This posting is an estimate and may not be the final levy amount.
The Village portion, excluding the Oak Park Public Library, for the fiscal year 2025 (tax year 2024) year tax levy will increase 3.0% from the fiscal year 2024 levy (tax year 2023) extended levy. Including the Oak Park Public Library's request, the proposed tax levy is a 3.06% increase from the FY 2024 (tax year 2023) extended levy.
Excluding the Library, the Village's total levy for next year, as published in the Truth in Taxation notice, calls for a 3.0% increase. The Village's total levy, including the Library, for FY24 (tax year 2023) was $48,144,455, and the estimated levy for FY25 (tax year 2024) was $49,617,539.
The following items account for the primary increases to the Village's levy:
a) Police Pension Levy increase = $637,159
b) Fire Pension Levy increase = $660,561
c) Debt Service Levy increase = $10,604
d) Library Property Tax Levy Request = $575,000
e) Corporate Levy Increase = $595,478
It is important to note that the Oak Park Public Library has a separate and independent Board from that of the Village. The Village merely provides a service to the Library and levies the amount it requests under the Village's...
Click here for full text