The village of Riverside will seek to extend its 2023 property tax by 6.07%.
Although the village seeks that extension, it is not likely to collect the full amount because of the state’s tax cap law for non-home rule municipalities such as Riverside.
The law limits tax levy increases for non-home rule communities to 5% or the level of the consumer price index, whichever is less. The CPI for 2023 is 6.5%.
The village requests an increase of 6.07% to capture any growth in the property value determined by Cook County as a basis to calculate property taxes, called equalized assessed value. Local tax rates and levies, as well as applicable tax deductions, are applied to the equalized assessed value, determining how much taxes each property owner will pay.
The village estimates the 2023 tax levy is around $8.1 million.
About $6.7 million or 82%, of the proposed levy is for the village’s general funds, special recreations fund and debt service funds. This represents an increase of about 8% from last year’s levy. The remaining $1.4 million is for Riverside’s library, about 3.1% more than last year’s levy.
After holding a public hearing on Nov. 2, the village board is expected to approve the 2023 tax levy at the Dec. 7 village board meeting.