The attached ordinance authorizes a $1.6 Million partial tax abatement of the 2022 tax levy, because revenue is available from other sources in the General Fund to cover this abatement.  This will provide Village residents and businesses some property tax relief.  The effect of this abatement on an average homeowner with a $375,000 home value would be a savings of about $50.  Cook County will accept a property tax abatement ordinance from the Village up until April 1, 2023, and the abatement would be reflected on a property owner's second installment property tax payment later this year.

As noted in the attached ordinance, the 2022 Fire and Police Protection tax levies that are allocated to the General Fund and payable in 2023, will be reduced by $800,000 each to account for the $1.6 million property tax abatement, as other General Fund revenues are available for these purposes. This change will have no impact on overall funding levels for the Police or Fire Departments as these functions are supported by other general fund revenues. 

RECOMMENDATION

It is recommended that the Village Board approve the Ordinance Approving a $1.6 Million Partial Abatement of the 2022 Tax Levy.