By Stephen Nelson
At the Frankfort Village Board meeting on December 18, trustees approved the property tax levy that will be collected from residents next year.
Following a 4.9 percent local property tax increase approved in 2022, officials put forward a levy that holds the rate steady.
At its December 4, Committee of the Whole meeting, the committee discussed the proposed 2023 Tax Levy for the Village of Frankfort. Finance Director Jenni Booth reported the preliminary Equalized Assessed Valuation (EAV) figures from the Will County Assessor’s office before exemptions were $1,271,953,717.
She also noted that approximately 4 percent of Frankfort resident’s total tax bills are levied by the village. The other 96 percent is levied by the remaining taxing bodies.
Following discussion, it was the consensus of the Committee of the Whole to forward a recommendation to the village board to request the 2023 Tax Levy in the amount of $3,709,698. This request is expected to generate $176,316 of new revenue, of which $66,191 would be generated by new property within the village based on preliminary estimates provided by Will County.
The Village of Frankfort’s tax rate is expected to decrease by .0168 percent.