Property Tax Hike Approved in Oak Park

OAK PARK, IL — Tuesday’s Oak Park election results may have taken some people by surprise, as residents approved a proposed property tax hike. The tax increase was approved by a slim margin of just 54%. Oak Park residents have been especially vocal about increasing classroom sizes and preserving funding for arts programs, something increased taxes are likely to ensure.

The approved referendum is expected to generate millions in new property tax revenue, Chicago Tribune stated. Homeowners will likely feel the effects of the increase. CBS reported that the average homeowners who pays roughly $8,000 in property taxes annually will see a $500 increase to that amount. The tax revenue will go towards accommodating increased enrollment, preventing teacher layoffs and keeping arts and enrichment programs intact.

What do you think of Oak Brook’s approved property tax increase? Let us know in the comments.