Franklin Park lowered its tax levy to residents again this year.
“The levy [this year] is a reduction of $205,000 from last year’s actual tax extension,” said Ron Heller, the village comptroller. “It’s the lowest tax extension that we’ve had since 2011.”
The latest levy continues a trend of the village focusing on abating taxes in order to prevent an increase in the village’s property tax levy.
According to village documents, there hasn’t been an increase in the levy over the previous six years. And last year’s levy allowed Franklin Park’s credit rating to be upgraded to A+, which resulted in the village refinancing existing debt at a lower interest rate, according to village officials.
“I just want to point out … how great that is, because it is a total downpour of tax abatements that we’re doing for this coming year, which means it doesn’t go on your tax rolls because we were able to budget within our finances,” said Trustee John Johnson, chair of the village’s finance committee, during the Jan. 19 Village Board meeting. “We were able to save the taxpayer money.”
This year residents can expect a $1,908,515 abatement, which means Franklin Park residents’ share of that amount will not be on their taxes. During the Jan. 19 meeting, the village also approved four measures abating the taxes levied to pay for over $27 million worth of bond obligations used as alternative revenue sources from 2006, 2007, 2014 and last year.
In addition to the abatements, the village also passed a measure creating a property tax rebate program if the village becomes a home rule municipality. Last November, the village announced three referendum questions that the Village Board placed on March’s ballot.
One of those questions asks residents if the village of Franklin Park should become a unit of home rule government. If passed, the binding referendum would give Franklin Park self- governing privileges.
To curb fears that becoming a home rule municipality would raise taxes, the village’s new rebate program would allow surplus funds from taxes or other revenue sources to be given to qualifying homeowners for a period of three years. The amount of the rebate for non-senior citizen homeowners would be between $100 and $500 each year, while senior citizens could qualify for between $150 and $500 rebates each year the program is offered.
The next meeting focused on the village’s finances is expected in February.
Alex V. Hernandez is a freelance reporter for Pioneer Press.