Residents should be aware of the new sales tax rate effective January 1st, 2016. Information regarding the change are as follows:
- Cook County responsible for the 1% increase from 8.75% to 9.75 effective 1/1/2016. No change in the other components of the sales tax rate.
- No impact on food, prescription drugs which are taxed at 2.25%
- No impact on cars or trucks (or any titled good) which are taxed at 7.25%
- Oak Lawn ranks 19th out of 1,299 Illinois municipalities in total sales tax revenue with its diversified tax base
- 2015 revenues are estimated to be 8% above the 2014 sales tax figure ($15.796 million as compared to $15.729 million)………Note that there is a typo on the Municipal Sales Tax Summary which indicates a figure of $14,698,133
- Oak Lawn averages $1.3 million of sales tax revenue each month and just exceeded the previous record year of 2007 (a Village rate of 1.50% was in 2007 as compared to 1.75% in 2015) on an inflation and rate adjusted basis for the first time