The Homewood Village Board approved a four-year settlement agreement related to a property tax valuation dispute involving Wind Creek Casino at the March 24 meeting. 

According to Napoleon Haney, Homewood village manager, the agreement resolves an appeal filed with the Cook County Board of Review over the property’s 2025 assessed value.

The Cook County assessor valued the property at $199 million, while the property owner submitted an independent appraisal of $130 million. Under the settlement, the property will be valued at $135 million, Haney said. 

The Wind Creek property includes a casino, hotel and parking garage. About 80% of the property’s value comes from the casino, which is located in East Hazel Crest. The remaining 20% comes from the parking garage, located in Homewood, he said. 

The villages of Homewood and East Hazel Crest intervened in the appeal to participate in a resolution. Under the agreement, the property’s assessed value will be fixed for four years, providing certainty for both municipalities on expected tax revenue, Haney said. 

The current tax increment financing structure will remain unchanged, with the casino receiving 95% of the tax increment and each village receiving 5%. The settlement does not affect other tax revenue generated by the property, Haney said. 

According to Homewood Village Attorney Chris Cummings, rejecting the settlement could have resulted in prolonged litigation and the potential risk of having to repay a portion of previously received tax increment revenue from the Northeast TIF district.

The agreement only applies to the property in its current condition. If improvements are made during the settlement period, the valuation could be adjusted, Cummings said.

“If they put more levels on the parking garage, if they do other things to change the footprint that would increase the assessed value, we’re not locked into that. This is just if everything stays status quo for the next four years, the assessed value would also stay status quo,” Cummings said.