Homewood set its 2024 real estate levy at $7,824,367, according to Director of Finance Amy Zukowski. The levy funding Homewood’s municipal operations, pension obligations and debt service was approved by the village board Dec. 10.
This levy is a 13.62% increase compared to the year prior, which was $6,886,315. The increase is due primarily to the village borrowing more than $2 million in general obligation bonds. The village had no debt in 2023.
To clarify how the situation will affect property owners, Zukowski said: “The village’s portion of the tax bill is generally about 10%. With the addition of the debt service, it’s possible it will increase to about 11%. So it’s an additional maybe 1% over what you paid (last year), but that’s still based on what your assessed value is as of next year.”
“Without the addition of the debt service, the total overall increase over the prior year’s levy would have been only 4.85%,” and the village would not have been obligated to hold a truth in taxation hearing, Zukowski said.
Because the tax levy for 2024 resulted in an increase over 5%, a truth in taxation hearing was held prior to the village board meeting.
Of the $7.8 million to be collected, $3,583,400 is for the general fund for operations and Social Security and Medicare employer costs. Another $3,494,279 will be used for police and fire pension funding, and $746,688 is going towards debt payment obligations, Zukowski said.
Mayor Rich Hofeld added, “The key thing to remember is, last year we had zero debt. When we added the debt to meet capital needs, that’s what inflated it for us at $100,000 a year in debt service payment. That’s the reason for it.”
The board officially approved the ordinance levying taxes for corporate purposes starting May 1, 2025, to April 30, 2026. The board also passed a levy to increase the 2024 street and bridge tax, and an ordinance calling for the Cook County clerk to reduce Homewood’s levy, if necessary, in accordance with the property tax extension limitation law (also known as PTELL).
