Oak Forest Homeowners Will Pay More After Tax Levy Increase OK'd

Oak Forest IL

20 December, 2021

4:21 PM

Description

OAK FOREST, IL — The average homeowner in Oak Forest will see a slight increase in their city real estate taxes go up in 2022 after the city council approved a tax levy of more than $11,500, which represents a 2 ½ percent increase from a year ago. With the increase in tax levy, city officials said they are required to increase property taxes by a total of $1.1 million due to 2022 fiscal year operating expenses, capital projects, and to pay the city's 124 full-time employees. As a result, most homeowners will see an increase in their taxes of $34 next year, city officials recently announced. However, city officials said that they are minimizing the tax hike as they realize that many residents and local businesses alike are still dealing with the financial impact of the ongoing coronavirus pandemic. With that being the case, the city is using $800,000 in general fund reserves to close the gap and keep the tax levy as low as possible, the city said. The total amount of the tax levy will be $11,568,103. City officials said that 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 nof the child tax credit for the increased revenues, officials said in a news release. The city still meets its fund balance policy after the $800,000 withdrawal, officials said. "We understand that increasing the levy while property values are not growing is difficult for many households and businesses," Oak Forest Mayor Hank Kuspa said in the news release. "That is why we are minimizing the tax levy through alternative resources."