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An Ordinance Approving the Village of Oak Park's 2025 Tax Year Property Tax Levy
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Introduction
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Concurrent with the recommended adoption of the FY26 Budget, staff has calculated the revenue needs for all funds of the Village based upon the final recommendations contained in the FY26 Budget, as well as all Ordinances presented to abate the collection of property taxes for debt service due to the availability of other sources of revenues. In the case of funds fully or partially funded from property taxes, State law requires that property taxes are calculated after considerations of all other funding sources have been reviewed.
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Recommended Action
Approve the ordinance for the 2025 tax levy for the 2026 fiscal year budget.
Prior Board Action
The Village held a Truth in Taxation hearing for the 2025 property tax levy on November 18, 2025 (ID25-718).
Background
The Police and Fire Pension levies are collected by the Cook County Treasurer and paid directly into those funds. Thus, they have no impact on the overall operating budget of the Village.
The Library levy included in this Ordinance has previously been approved via a Resolution by the Oak Park Public Library Board. Tax revenues from this levy are distributed by the Cook County Treasurer directly to the Library's bank account.
The Debt Service levy is collected by the Cook County Treasurer and periodically remitted to the Village along with the General Fund levy. The paying agent for the Village's bond issues is Amalgamated Bank. The Village wires the exact amount of each bond payment to the bank the day before the due date, ensuring timely payment to investors by the paying agent.
*After abatements
**The County will automatically increase each levy by an additional 3% (5% for Bond & Interest) to offset unpaid property taxes and appeals.
Timing Considerations
While the Board could defer passage of the levy and/or change the amounts, a levy is ...
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