River Forest trustees unanimously approved an approximately 2.45 percent tax levy increase for 2018 at a regular meeting on Dec. 10.
The village’s total 2018 levy request is about $8.2 million, up slightly from last year’s final tax extension of approximately $8 million.
The village’s share of the levy is expected to decrease about 4 percent year over year to $3.7 million, while the police and fire pensions levy is expected to increase along with the River Forest library levy.
The police pension levy is expected to take in about $1.5 million, up nearly 8 percent from last year; the fire pension levy is expected to earn about $1.3 million, up 21 percent from the year prior; the non-capped fire pension is $37,910, down 27 percent year over year; and the River Forest Public Library is expected to take in approximately $1.2 million, up 2.8 percent from the 2017 levy.
The village estimated that new property taxes will generate an equalized assessed value (EAV) of $590 million, up less than 1 percent from the previous year, with about $4 million worth of new construction, according to Joan Rock, village finance director.
The state does not publish the equalization factor until around April of each year, which is after the annual December due date for taxing bodies to submit their levies. Rock calculated the estimated EAV using building permit information.
The village is subject to the Property Tax Extension Limitation Law, which limits property tax levy increases to 5 percent or the consumer price index (CPI), whichever is lower. CPI is currently at 2.1 percent.
The fiscal year runs from May 1, 2018 to April 30, 2019. The taxes from the 2018 levy are collected in 2019.