Flossmoor, compared to many surrounding communities, has fewer commercial, retail and industrial properties to contribute to its tax base. As a result, a larger portion of the tax burden falls on residential properties. For this reason, new economic development is one of the Village’s top priorities to not only provide amenities to our community, but also to share in the property taxes. The tax rate for commercial property is 25% of the assessed valuation, as compared to 10% for residential property, which means commercial properties assume more of the property taxes compared to residential taxpayers. In addition, Flossmoor benefits from sales tax revenue, which also increases when we have more retail commercial businesses. Recent commercial development — such as Meijer and Dunkin’— have increased the tax base for the Village dramatically. Flossmoor increased revenue in 2018 when residents voted for a non-home rule sales tax in Flossmoor of 1%. Flossmoor receives 100% of this 1%. This tax added nearly $700,000 to the General Fund in fiscal year ending April 2023 and is projected to add $680,000 for fiscal year 2024.