Submitted By
Steve Drazner, CFO
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
Truth in Taxation Public Hearing for the Proposed Tax Year 2022 Property Tax Levy
End
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 2023 (tax year 2022 levy) will remain unchanged from the Fiscal Year 2022 levy. Including the Oak Park Public Library levy increase of 5.0%, the overall increase is expected to be 1.06%.
According to state statue, a public hearing and additional posting is 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.
Body
Staff Recommendation
Hold the public hearing and receive comments.
Fiscal Impact
N/A.
Background
State statue (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 exceeds 105% of the current tax year's levy.
The Village portion, excluding the Oak Park Public Library, for the Fiscal Year 2023 (tax year 2022) year tax levy will remain unchanged from the FY 2022 (tax year 2021) extended levy. Including the Oak Park Public Library's request, the proposed tax levy is a 1.06 % increase from the FY 2022 (tax year 2021) extended levy.
Excluding the Library, the Village's total levy for next year as published in the truth in taxation notice calls for no increase. The Village's total levy, including the Library, for FY22 was $45,758,686 and the estimated levy for FY23 is $46,245,704. The entire anticipated increase of $487,018 is from the Oak Park Public Library.
The following items account for the primary increases to the Village's levy:
a) Police Pension Levy decrease=$822,162
b) Fire Pension Le...
Click here for full text