Oak Forest Approves Zero-Percent Property Tax Increase

Oak Forest IL

16 December, 2020

10:00 AM

Description

OAK FOREST, IL — The City of Oak Forest has approved of a zero-percent increase in property tax for 2020, according to a news release. On the Dec. 8 City Council meeting, officials calculated that the city needs a $1 million increase in property taxes in order to cover declining revenues and increasing expenses, about a 9% increase to the city's portion of the tax bill, according to the release. The release states that passing a flat levy will save the average homeowner $117 and significantly more for a commercial property owner. "We felt compelled to help our residents during this difficult time. We are all belt-tightening to get through this tough time together," Mayor Hank Kuspa said. According to the release, staff and elected officials reviewed the required increase of $1 million and determined that increasing taxes while property values are not growing — even shrinking — is unsustainable for many households and businesses. In addition, local businesses and residents are suffering a significantly greater hardship this year because of the pandemic, the release states. "For these reasons, the city is choosing to use alternative resources to meet its obligations. The city will receive $320,000 from Cook County this year from Coronavirus Relief Funds and is choosing to pass this award to its taxpayer by offsetting the levy requirement," the release states. According to the release the city is also choosing to use $500,000 of general fund reserves to close the gap and keep the tax levy flat. There will still be sufficient reserves to meet our fund balance policy after a one-time transfer. For more information, visit the City of Oak Forest website.