Oak Park voters in Tuesday’s consolidated elections approved an increase in the property tax limit for the Oak Park Elementary School District 97.
Oak Park Elementary School District 97’s ballot question asked constituents whether the existing Property Tax Extension Limitation Law for SD 97 should be increased by 1 percent over the 2015 amount — a figure slightly less than 5 percent of the equalized assessed value of taxable property for 2016 and amounting to an additional $13.3 million, approximately.
According to results from the Cook County clerk’s office, the ballot referendum to increase limiting rate passed by 1,003 votes with all 37 precincts reporting. With a total of 12,330 ballots cast, 6,558 voted in favor (54.16 percent) while 5,550 (45.84 percent) opposed the referendum.
The referendum was approved for April 4’s ballot in January by the district’s board of education.
Any property tax extension limitation law (PTELL) in Illinois does not actually “cap” property tax assessments or bills, according to the University of Illinois Extension. Rather, its purpose is to slow growth of tax district revenue during times when property values increase more rapidly than inflation.
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