Tinley Park Village Board Approves $29K Tax Abatement For 2022

Tinley Park IL

20 December, 2021

2:28 PM

Description

TINLEY PARK, IL — The Tinley Park Village Board recently approved a tax abatement of more than $29,000, which officials said will reduce the amount of outstanding bonds and interest payments by nearly $800,000, the village said recently. The board approved the tax abatement of $29,264,099, which represents a slight increase (0.89 percent) from the previous year's extended tax levy dollars, the village said. With the reduction in bond and interest payments from 2021, officials said that local residents and business owners will see a reduction in property taxes. According to the village, the total amount abated by the village represents 47.1 percent of the total debt service of the Village and the Tinley Park Public Library combined, officials said. The village said that the 2021 abatements are lower than in recent years because bonds have been paid off and retired. Without the tax abatement, the payments would be nearly 800,000 higher and would cause an increase of the village tax rate by $0.041 cents and would increase the library tax rate by $0.01 cents at an Entity-Attribute Value of $1.640 billion, the village said. Because of the tax abatements, which have been used by the village for the past four decades, the owner of a $200,000 home in Tinley Park has seen an average tax savings of more than $1,800 over the past 10 years with an annual yearly savings of $187. In 2021, the owner of a $150,000 home saw a savings of $25 while the owner of a $350,000 home saved $59. The owner of a home assessed at a $350,000 value saved $3,281 over the past 10 years, according to the village.