On November 28, the Oak Forest City Council approved the 2023 tax levy of $11,860,301, resulting in no change from last year. As a result, homeowners will see no change in the city’s portion of the real estate tax bill.
The tax levy calculation requires an increase of $768,000 in property taxes due to fiscal year 2025 operating expenses, capital projects, and authorized full-time personnel, which increased by one to 125 due to a new position created in the Information Technology Department. Realizing that many residents and business owners are struggling from increased energy, food and interest costs due to inflation, the city is using $768,000 of general fund reserves to close the gap.
Using reserves is a temporary solution made possible because inflation and the robust economy boosted sales, income, and gaming taxes. The city still meets its fund balance policy after the $768,000 withdrawal.
As shown on the following pie chart, the City of Oak Forest’s portion of the real estate tax bill is approximately 16 percent.
