Submitted By
Donna M. Gayden, Interim CFO
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
Truth in Taxation Public hearing for the Proposed Tax Year 2024 Property Tax Levy
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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 2025 (tax year 2024) levy will increase 3% from the Fiscal Year 2024 (tax year 2023) levy. Including the Oak Park Public Library levy increase of 3.24%, the overall increase is expected to be 3.06%.
According to state statue, a public hearing and additional posting are required when the increase is 5% or more. Although the anticipated increase is well below the 5.00%, holding a truth in taxation hearing provides the public additional transparency.
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Recommendation
Recommendation
Hold the public hearing and receive comments.
Background
State statute, 35 ILCS 200/18-70, requires a public hearing to be held prior to the approval of a 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 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 =...
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