Homewood residents should expect to see a small increase in their property taxes next year. Finance Director Dennis Bubenik provided the village board with an overview of the tax levy at its Nov. 12 meeting.
Homewood residents should expect to see a small increase in their property taxes next year.
Finance Director Dennis Bubenik provided the village board with an overview of the tax levy at its Nov. 12 meeting.
Homewood will increase its total levy by three percent, from a little over $6.3 million to a little more than $6.5 million. The biggest jump comes from the village’s pension fund obligations.
Homewood’s contributions to the Illinois Municipal Retirement Fund and Sheriff’s Law Enforcement Employee Pension were raised 29 percent from $371,958 to $479,907.
Village government receives 10 percent of the total property tax levied. The bulk — about 70 percent — goes to elementary District 153 and District 233 serving Homewood-Flossmoor High School. Cook County government, the Homewood Public Library and the Homewood-Flossmoor Park District each get a portion, as well.
Bubenik used the example of a homeowner with a $6,000 property tax bill last year. The village received $600, or 10 percent, of that homeowner’s taxes. A three percent increase from the village would raise that resident’s property tax bill by $18.
Under tax caps, the increase in taxes levied is limited by law the percentage increase in new construction value for the previous year. The official Cook County assessment won’t be available until the summer of 2020, so Bubenik and staff estimated that number at 3 percent.
The general fund will rise by 4.9 percent, which includes both that three percent raise and a 1.9 percent jump to level of the Consumer Price Index. A 2.9 percent decrease in the fire pension and a 13.89 percent drop in service to the village’s debt bring the total increase down to 3 percent.
In other business, the board approved an ordinance to join the Illinois State Treasurer’s Public Treasurers’ Investment Pool. It allows local governments to combine their money for a greater return on investments.
The next village board meeting was moved from Tuesday, Nov. 26, to Monday, Nov. 25, because of the Thanksgiving holiday. Also, the meeting start time was moved up to 6:30 p.m. from the regular 7 p.m. schedule.