The Village of Forest Park will raise property taxes this year by 2.1 percent over last year’s levy, the village announced last week. The village will seek $6,899,821 for fiscal year 2013, up $141,818, according to a notice published in the Forest Park Review.
As it did last year, the village will hold a “truth in taxation” public hearing on Monday, Nov. 25 at 6:50 pm. in the Council Chambers in the village hall basement (before the village council meeting).
By law, the tax amount is capped at five percent or the consumer price index (CPI), which is 1.7 percent.
Of that new revenue, the village budget will increase $86,114. The Forest Park Public Library, which is also included in the yearly levy, will increase its budget by $55,704 this year.
Forest Park Village Administrator Tim Gillian said the village’s portion of the levy increase would pay for increased wages and benefits village wide. Gillian said the village is not required to hold a truth in taxation hearing, since the tax levy is not exceeding 5 percent of the previous year. He said the village holds the hearings to improve transparancy.
The 2011-12 fiscal year’s levy increase was 2.7 percent, up from $6,581,579.
This article has been updated to clarify how truth in taxation hearings work.