Life Amplified

Tax Abatement

At its Dec. 7, 2021 meeting, the Tinley Park Village Board adopted a property tax levy request for Tax Year 2021 in the amount of $29,264,099. This amount represents a 0.89% increase over the previous year’s extended tax levy dollars.

The Village Board also approved tax levy abatements for the coming tax year. The Village’s required 2021 levies to pay outstanding bonds and interest payments due in the upcoming calendar year (2022) are being reduced by nearly $800,000, which directly translates into reduced property taxes. The Village’s tax abatements benefit both homeowners and businesses.

This represents the 40th year of the Village’s program of abating taxes for bond payments. The total amounts abated represent 47.1% of the total debt service of the Village and Tinley Park Public Library combined. The 2021 abatements are lower than recent years due to bonds being paid off and retired.

If the Village didn’t have alternate sources to pay the debt service on these bond issues, the tax levy would be nearly $800,000 dollars higher than proposed and would add an estimated $0.041 to the Village tax rate, and an estimated $0.01 to the library tax rate at an EAV of $1.640 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 $140 and $330 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 $1,400 and $3,300 as a result of these abatements, which have totaled more than $38.4 million dollars for the past 10 years alone (tax years 2012 to 2021).

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
 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  65  87  120  131  152
 2020  60  80  110  120  140
2021  25  34  46  50  59
 Total  $1,406  $1,874  $2,577  $2,811  $3,281
 Average  $141  $187  $258  $281  $328


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