Village Board members Tuesday voted to levy $6.6 million in property taxes, a 6.19 percent increase from last year’s levy. The new property-tax rate, which includes the library’s portion, is $1.11 per $100 of equalized assessed valuation.
That means a resident owning a home valued at $140,000 will pay $8 to $14 more annually for the village portion of his or her property taxes, according to Village Manager Dave Dorgan.
Trustee Pat Rea attributed the increase to inflation and the costs of additional staff. This year’s rate of inflation was 2.9 percent.
Dorgan said Tinley Park’s growth prevented the increase from being higher.
The village abated nearly $1.4 million in property taxes that could have been used to pay off general obligation bonds, some of which were sold to pay for construction of the Village Hall addition.
“The village has established reserve funds to guarantee the impact of general obligation bonds would be held to a minimum,” Rea said.
“Had we not set monies aside to offset those bonds, we could have put it on the taxpayers,” Dorgan said.
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