Title
title
A Motion to Discuss the Proposed Tax Levy Policy, Provide Feedback, and Recommend that the Policy Be Forwarded to the Village Board for Consideration
end
Introduction
overview
The Finance Committee is asked to review the proposed Tax Levy Policy, provide feedback on the proposed planning framework, and recommend whether the policy should be forwarded to the Village Board for consideration.
end
body
Recommended Action
Discuss the proposed Tax Levy Policy, provide direction to staff on any revisions, and recommend that staff bring a revised policy forward to the Village Board for consideration.
Prior Board Action
The Finance Committee has discussed the development of a formal property tax levy policy at two recent public meetings:
* July 9, 2024 (ID 24-334): The Finance Committee held an initial discussion regarding a proposed Property Tax Levy Policy and the development of a formal framework for determining the Village's annual property tax levy.
* July 30, 2025 (ID 25-437): The Finance Committee reviewed a revised proposed Property Tax Levy Policy, discussed the process for developing the annual levy recommendation, and provided feedback before the policy was advanced to the Village Board.
Following the July 30, 2025 Finance Committee discussion, the Village Board adopted the prior Property Tax Levy Policy on August 5, 2025, as part of MOT 25-226. The current proposed Policy builds upon and updates that earlier work. Separately, the Village Board has historically considered and adopted the annual property tax levy through individual levy ordinances.
Background
Property taxes are one of the Village's major recurring revenue sources and support core municipal operations, Police and Fire pension obligations, debt service, and the Oak Park Public Library. The annual levy decision must balance the cost of maintaining baseline services and meeting legal and contractual obligations with Board goals, priority projects, long-term f...
Click here for full text