Statement on Oak Park Township 2019 Property Tax Levy
Contact: Gavin W. Morgan, Township Manager
FOR IMMEDIATE RELEASE
December 12, 2019
Rev. January 10, 2020
STATEMENT ON OAK PARK TOWNSHIP 2019 PROPERTY TAX LEVY
Demonstrating their commitment to fiscal responsibility, the Board of Oak Park Township approved a 2019 property tax levy at a 5.1% increase, or $253,550.00 over last year’s levy at their meeting on Monday, December 9th. The increase is due to multiple factors; inflation, new growth in Oak Park property values, and the expiration of the Downtown and Madison Street Tax Increment Financing (TIF) districts.
This 5.1% increase includes the 1.9% Consumer Price Index, an estimate of new growth from the value of new properties, and an amount equal to the most recent distribution from the Downtown Tax Increment Finance (TIF District) that expired at the end of 2018. By a majority vote, the Township Board decided to refrain from levying the full amount to capture estimated revenue from the expiring 2018 TIF districts, as Manager Gavin Morgan stated, “to provide some relief to property taxpayers.”
The 2019 Levy will fund the Township’s 2021 Fiscal Year, which begins April 1, 2020. This will allow the Township to continue our 116-year history of providing equitable, accessible, social and civic services for Oak Park residents in all stages of life. While Township staff continues to provide valuable programs, services and events to Oak Park residents, we will also seek opportunities for collaboration and shared services to keep costs low and at the same time explore alternative sources of support.
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