Title
2009 Property Tax Levy - Ordinance
History
Attached you will find the proposed 2009 property tax levy for the Village of Orland Park, as well as the Orland Park Public Library. The total Village levy equals $12,384,690, and includes the following individual line items, as reflected in the FY2010 Annual Budget approved by the Village Board on December 7, 2009:
· Corporate - $2,377,559
· FICA - $1,361,365
· Police Pension - $1,726,733
· Recreation- $230,000
· IMRF - $1,519,251
· Debt Service - $5,169,782
While funding requirements for IMRF and Police Pension have increased due to investment market conditions, the total 2009 levy has decreased approximately $145,400 as compared to the 2008 levy, as the 2008 levy funded a 15-month fiscal year.
Since the Village’s 2009 levy does not exceed 105% of the 2007 levy extension, a Truth in Taxation Public Hearing was not required to be held prior to final Village Board approval of the 2009 levy.
The proposed 2009 property tax levy includes an abatement of the GO Bonds, Series 2007 debt service payment in the amount of $1,363,206. The FY2010 debt service on these bonds will be paid utilizing a loan from the Home Rule Sales Tax Fund. This loan will be paid back with future incremental property taxes received by the Main Street Triangle TIF Fund.
The total Orland Park Public Library 2009 levy equals $5,565,789, including $3,903,997 for operating purposes and $1,661,792 for debt service.
Due to fluctuations in the growth rate of the Village’s EAV each year, the Village’s tax rate has fluctuated accordingly. The Village’s 2008 final tax rate equaled $.478 per $100 of EAV. With the state of the economy and the effect this has had on development within the Village, we are projecting a conservative 2.0% growth in EAV from tax year 2008 to tax year 2009; this 2% EAV growth equates to a preliminary Village tax rate for tax year 2009 of $.4289 per $100 of EAV. Should the Village’s EAV grow at a rate grea...
Click here for full text