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Romeoville finance staff outlines 2025 tax levy; villagewide EAV projected up 8.2%
Summary
Finance staff told trustees the 2025 assessed valuation is preliminarily up about 8.2%, with a proposed aggregate tax levy extension of $18,813,500; projected combined property tax rate would fall slightly from 1.1141 to 1.0814, and the levy increase is under 5% so no public hearing is required.
Finance staff presented the required annual tax‑levy ordinances on Dec. 3, explaining that preliminary assessed valuations (EAV) for 2025 are approximately 8.2% higher than the 2024 levy, in part because property previously inside the Marquette TIF (about $38 million) will be added back to the tax rolls as the TIF ended.
Staff said the villagewide EAV is estimated to rise from $1,720,000,000 to $1,860,000,000 and that the proposed aggregate tax levy extension for 2025 is $18,813,500. The presentation noted projected village and fire tax rates would decline slightly (village from 0.9175 to 0.8911; fire from 0.1966 to 0.1903), leaving a projected combined rate decrease from 1.1141 to 1.0814.
Because the proposed levy increase is less than 5% over last year’s extension, staff said a public hearing is not required. The finance presentation also walked trustees through how required increases for police and fire pension funds affect the levy and described abatement ordinances for bond principal and interest that will be excluded from the levy.
Why it matters: The levy sets the village’s legal authority to collect property taxes and incorporates growth from new construction and properties removed from redevelopment districts. The presentation also included actuarial and pension contribution numbers that feed into levy calculations.
Numbers noted in the meeting: estimated EAV $1.86 billion; proposed levy extension $18,813,500; fire pension levy estimate $646,888; police pension levy recommendation $3,116,438; actuarial funding ratios reported for the fire pension fund (96.5%) and police pension fund (75.2%).
Next steps: The board placed the levies and related abatement ordinances on the consent agenda and approved them by roll call that evening.
