Tax Abatement

At its special Dec. 3, 2019 meeting, the Tinley Park Village Board adopted a property tax levy request for Tax Year 2019 in the amount of $27,570,532. This amount represents a 2.9% increase over the previous year's requested tax levy dollars.

The Village Board also approved tax levy abatements for the coming tax year. The Village’s required 2019 levies to pay outstanding bonds and interest payments due in the upcoming calendar year (2020) are being reduced by nearly $3 million, which directly translates into reduced property taxes. The total amounts abated represent 68.2% of the total debt service of the Village and Tinley Park Public Library combined.

If the Village didn’t have alternate sources to pay the debt service on these bond issues, the tax levy would be nearly $3 million dollars higher than proposed and would add an estimated $0.120 to the Village tax rate, and an estimated $0.010 to the library tax rate at an EAV of $1.533 billion.

The below table reflects the approximate annual “rebate savings” for a cross section of home values over the past 10 years, inclusive of the current year. On average over this period, the annual savings through these abatements is between $163 and $380 depending on home value. Over the 10-year period, homeowners with homes valued similar to those shown on the table have received and benefited from cumulative savings of between $1,628 and $3,797 as a result of these abatements which have totaled nearly $46 million dollars for the past 10 years alone (tax years 2010 to 2019). 

Tax Savings of Abatement for House Valued at:

 Market  $150,000  $200,000  $275,000  $300,000  $350,000
 Assessed  $34,000    $50,000  $66,000  $77,000  $90,000
 2010  123  164  225  246  286
 2011  185  246  338  369  431
 2012  185  246  338  369  431
 2013  212  283  389  425  495
 2014  206  275  378  413  482
 2015  236  314  432  471  550
 2016  232  309  425  463  541
 2017  92  122  168  183  214
 2018  93  124  171  186  217
 2019  64  86  118  129  150
 Total  $1,628  $2,169  $2,982  $3,254  $3,797
 Average  $163  $217  $298  $325  $380


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