Title
title
Truth in Taxation Public Hearing for the Proposed Tax Year 2025 Property Tax Levy
end
Introduction
overview
This is the Village's annual public hearing for the estimated 2025 Property Tax Levy.
end
body
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.
According to state statute, a public hearing and additional posting are required when the increase is 5% or more. 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 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 2026 (tax year 2025) year tax levy 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 2025 (tax year 2024) extended levy.
Excluding the Library, the Village's total levy for next year, as published in the Truth in Taxation notice, calls for a 4.96% increase. The Village's total levy, including the Library, for FY25 (tax year 2024) was $49,819,126, and the estimated levy for FY26 (tax year 2026) was $52,297,928.
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 = $660,5...
Click here for full text