River Forest trustees on Nov. 13 voted to accept the estimate of the 2023 corporate property tax levy of $9.3 million, an increase of 3 percent.
Officials are expected to formally approve the levy request at the Dec. 18 Village Board meeting.
The levy was adopted on a 5-0 vote without discussion. Trustee Erika Bachner did not attend.
The 2023 levy request of $9,354,865 is slightly higher than the 2022 extended levy of $9,078,681. Rosey McAdams, finance director, said holding the increase to 3 percent was “a conscious and thoughtful decision.”
Illinois tax cap laws limit the tax levy increases for non-home rule municipalities such as River Forest to 5% or the level of the consumer price index, whichever is lower. For 2023, the CPI is 6.5 percent.
McAdams told officials that property taxes on new construction are not included in the valuation. That figure is estimated at $2 million as determined by building permits issued.
Village president Cathy Adduci thanked McAdams for “keeping the increase reasonable” and noted the village is “in a good spot” financially.
The village board also approved the annual tax levy for the River Forest Public Library, which falls under the auspices of the village but is governed separately.
The current fiscal year runs from May 1, 2023, to April 30, 2024. The taxes from the 2023 levy are collected in 2024.
Officials noted that the village portion of residents’ property tax bills is about 12%.