The Homewood Village Board held a Truth in Taxation hearing on Dec. 9, where the board approved three 2025 real estate tax ordinances with an increase of 3.4% over last year. 

According to Finance Director Amy Zukowski, the levy will be used to shape the fiscal year 2026-27 budget. There are three ordinances related to the levy: one for general and special-purpose taxes, one increasing the 2025 street and bridge levy, and one authorizing Cook County to reduce the levy if needed to stay within Property Tax Extension Limitation Law (PTELL) limits, she said. 

The levy totals $7,981,293, which represents a 3.4% increase over last year’s levy, which is the maximum allowed under the state’s PTELL for the year. Although a Truth in Taxation hearing is not required unless an increase exceeds 5%, village officials chose to hold one to provide additional transparency. A hearing notice was published in the Daily Southtown newspaper on Dec. 2, Zukowski said. 

Roughly $2.75 million of the levy will support the village’s general fund, covering day-to-day operations and employer costs for Social Security and Medicare. Another $4.48 million will be directed toward pension obligations for police, fire and  employees covered by the Illinois Municipal Retirement Fund. This will help the village reach the required 90% minimum funding amount for pensions by 2040. About $746,688 is designated for the village’s annual debt payments, she said. 

Homewood receives about 11 cents for every dollar that residents pay in property taxes. Property tax revenue makes up about 8% of the general fund, while sales tax continues to be the village’s primary revenue source, Zukowski said.