Submitted By
Craig Lesner, Finance Department
Reviewed By
LKS
Agenda Item Title
Title
Truth in Taxation Hearing for the Proposed 2015 Tax Year Property Tax Levy
End
Overview
Overview
Each year the Village Board is required to approve a property tax levy. The Fiscal Year (FY) 2016, 2015 tax year, levy is expected to be 1.85-percent greater than last year’s extention. According to state staute, a public hearing and additional posting is only required when the increase is 5-percent or more. The Village has historically held a hearing even when not legally required to do so.
Body
Staff Recommendation
N/A
Fiscal Impact
N/A
Background
State staute (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 exeeds 105-percent of the current tax year’s levy.
The Village portion of the Fiscal Year (FY) 2016, year tax levy (2015 tax year) is a 1.85-percent increase from the FY 2015 extended levy.
The total property tax levy, inclusive of the Oak Park Public Library’s request is a 1.32-percent increase from the Fy 2015 extended levy.
Even though we are not legally required to do so given our estimated increase is below the threshold, the Village historically posts the hearing every year as a best practice to allow the Village Board flexibility during the budget process.
Alternatives
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Previous Board Action
The last Truth in Taxation hearing was held at the Village Board meeting on November 3, 2014.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
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Performance Management (MAP) Alignment
N/A