River Forest sets estimated property tax levy

Tuesday, 21 November 2017, 06:52:40 PM. River Forest trustees approved a recommended property tax increase of approximately 2 percent for its residents for the upcoming year.

River Forest trustees approved a recommended property tax increase for its residents for the upcoming year.

According to officials, the total 2017 corporate property tax levy is expected to be $7,855,558, an increase over the 2016 levy of $7,553,385. While the total increase is expected to be 4 percent, the village is expecting to collect more taxes through new property in the upcoming year.

"The average resident should see about a 2.1 percent increase in their village property tax levy because of the increase in the consumer price index," finance director Joan Rock said. "The additional amount will be on new property."

The final 2017 property tax levy is expected to be adopted by the village board on Dec. 11.

According to Rock, the village is estimating new construction to be approximately $10 million, an estimate based on current building permit application data. The 2017 calendar year is also a reassessment year for the village, and properties with home improvement exemptions that expired during the prior three years will be picked up as new property in 2017, officials said.

According to village officials, the equalized assessed value of the village has been estimated at $558,337,481 for 2017, or about 15 percent higher than the 2016 EAV.

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