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Truth in Taxation Public Hearing for the Proposed Tax Year 2025 Property Tax Levy and Determination of Estimated Levy
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Introduction
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This is the Village's annual public hearing for the estimated 2025 Property Tax Levy. The public hearing was originally scheduled for November 11. In order to accommodate a revised schedule for budget and levy consideration and approval, the Village Board continued the public hearing to November 18.
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Recommended Action
Hold the public hearing and receive comments.
Prior Board Action
The Board has taken the following prior action(s):
* The FY 25 Truth in Taxation was held on November 19, 2024.
* The FY 24 Truth in Taxation was held on November 6, 2023.
Background
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.
State statute, 35 ILCS 200/18-60, requires the Village Board to determine the estimated levy amount. One of the purposes of the public hearing is for the Village Board to make that preliminary determination. The Village Board retains full discretion to set the final levy amount as it deems appropriate.
A public hearing and additional posting are required when the increase is 5% or more, according to state statute. Although the anticipated increase is below 5.00%, holding a Truth in Taxation hearing provides the public with additional transparency. State statute, 35 ILCS 200/18-70, requires a public hearing to be held before 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 2026 (tax year 2025) will increase 4.96% from the fiscal year 2025 levy (tax year 2024) extended levy. Including the Oak Park Public Library's request, the proposed tax levy is a 5.04% increase from the FY...
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