Title
2012 Residential Property Tax Rebate - Ordinance Approval
History
Beginning with the mailing of checks in March 2003 and concluding with the mailing of checks in March 2009, the Village issued residential property tax rebates of approximately $27.6 million. These rebate amounts were included in the Village’s budget in fiscal years 2002 thru 2008. Due to the economic downturn and the effects this had on the Village’s home rule sales tax revenues, as well as the significant amount of funding needed for a number of capital projects that the Village was undertaking, the Village suspended the residential property tax rebate program beginning with the fiscal year 2009 budget.
Recently, the Board requested that staff determine if there is any funding available so that the Village could reinstitute the rebate program in fiscal year 2012. Staff has identified funding in the amount of approximately $2.633 million that could be used to fund the rebate program. This funding comes from a number of items, as reflected on the attached schedule. A significant amount of the funding comes from savings on various capital projects that have recently been completed by the Village. Based upon the amount identified as available, staff recommends a rebate in the total amount not to exceed $2.5 million. This total amount would be a rebate of the 2011 property taxes paid by residents in 2012. Residents would receive the rebate in March 2013.
Up until the last rebate cycle, an applicant's rebate amount was equal to the total amount to their tax bill that was paid to the Village of Orland Park. For the last rebate cycle, the Board chose to cap the total rebate at $4.5 million. Therefore, each applicant received their proportionate share based upon the amount of property taxes paid to the Village as compared to the total property tax paid to the Village by all qualified applicants. Based upon this allocation method, each applicant received a rebate equal to approxim...
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