Statement on Oak Park Township 2018 Property Tax Levy

                                           Contact:  Gavin W. Morgan, Township Manager
                                                           (708) 383-8005
                                                           GMorgan@oakparktownship.org
  

FOR IMMEDIATE RELEASE
December 12, 2018

 

 

STATEMENT ON OAK PARK TOWNSHIP 2018 PROPERTY TAX LEVY

 

Demonstrating their commitment to fiscal responsibility, the Board of Oak Park Township last night approved a 2018 property tax levy at the 2017 rate of inflation, a 2.1% increase over the previous levy. The Township Board has chosen to lead the way on limiting the impact of property tax increases for Oak Park residents, by levying at the rate of inflation only rather than capturing any additional property tax revenue from new properties in Oak Park, as allowed by the tax cap legislation.

Since property tax caps were put into place for Cook County beginning with the 1994 property tax levy, the Township has kept its portion of the tax levy at or below the tax cap and relatively close to the Consumer Price Index (CPI) used to set the limit on property tax growth. The Property Tax Extension Limitation Law (PTELL), or tax cap, allows taxing bodies that are subject to a tax cap to levy at an amount over the CPI in order to capture the value of new growth. The purpose of allowing this additional amount is partly to offset additional costs to the taxing body from the new growth. Oak Park Township has never gone to referendum to raise taxes beyond the tax cap, and has maintained appropriate levels of reserves.

Additionally, taxing bodies sometimes receive a minimal windfall through the Cook County Clerk’s process of calculating the levy extension. The Township will insure this does not happen this year by instructing the Clerk’s office to cap our levy at 2.1% this year, which guarantees that we do not receive any excess revenue that may result from their calculations.

The 2018 Levy will fund the Township’s 2020 Fiscal Year, which begins April 1, 2019. This will allow us to continue the Township’s 115-year history of providing equitable, accessible, social and civic services for Oak Park residents in all stages of life.  While we are providing valuable programs, services and events to Oak Park residents, we continue to seek opportunities for collaboration and shared services to keep costs low while enhancing the services we provide.

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