The Park Forest Village Board will discuss a zero percent tax levy increase for the upcoming fiscal year 2023/2024 budget.
In November, Mark Pries, Park Forest's Finance Director, addressed the Village Board by providing an update on the village's finances. Pries showed the board that Park Forest is in good shape financially, and there isn't a need to increase the tax levy.
This would be the third time in the last five years the Village passed a zero percent increase in its tax levy.
Village Manager, Tom Mick, said residents are invited to come to the next board meeting to give their insights on the zero percent increase in its tax levy.
"Public comment on the proposed tax levy ordinance will be welcomed with the Dec. 5 Rules Meeting and the Dec. 12 Regular Board Meeting," said Mick. "On a related note, there will be a public hearing with the December 5th meeting specifically for residents to make comments about the tax levy."
So what does a zero percent increase mean for residents? Taxpayers should see little to no change in the Village portion of their tax bill, as long as the Cook County Assessor’s Office does not significantly change the assessed value of the taxpayers property.
Pries added a zero percent increase in the tax levy means operations will be fully funded, capital improvements will continue, as much funding allows, and Park Forest will not have to borrow to fund day-to-day operations.
The Village Board Meeting will be held on Dec. 5., at 7 p.m. For more information about the agenda, click here