City Of Oak Forest: City Council Approves 2.5 Percent Tax Levy Increase

Oak Forest IL

15 December, 2021

5:36 PM

Description

Press release from the City of Oak Forest: December 15, 2021 On December 14, the Oak Forest City Council approved the 2021 tax levy of $11,568,103, resulting in a 2.5 percent increase from last year.  As a result, an average homeowner can expect the city's portion of the real estate tax to go up approximately $34.    The tax levy calculation requires a $1.1 million increase in property taxes due to fiscal year 2022 operating expenses, capital projects, and authorized full-time personnel, which remains at 124.   Realizing that many residents and business owners are still recovering from the pandemic, the city is using $800,000 of general fund reserves to close the gap and keep the tax levy as low as possible.  "We understand that increasing the levy while property values are not growing is difficult for many households and businesses," said Mayor Hank Kuspa.  "That is why we are minimizing the tax levy through alternative resources."     Using reserves is a one-time solution made possible due to the current fiscal year, state-shared revenues that are $775,000 higher than budgeted.  The Illinois Municipal League cites increased spending from three rounds of stimulus checks and advances of the child tax credit for the increased revenues.  The city still meets its fund balance policy after the $800,000 withdrawal.   View: 2020 Cook County Real Estate Tax Bill This press release was produced by the City of Oak Forest. The views expressed here are the author's own.