Frankfort Board Approves 2025 Tax Levy with Projected Rate Decrease

Frankfort Village Board Meeting | December 15, 2025

Article Summary: The Frankfort Village Board on Monday, Dec. 15, 2025, approved a $4,069,066 tax levy for the 2025 fiscal year. Despite the increase in the total levy amount to accommodate community growth, officials expect the actual tax rate to decrease compared to the previous year.

2025 Tax Levy Key Points:

• Total Levy Amount: The board approved a request for $4,069,066, representing an increase of $175,021 over the prior year.

• Projected Rate: The estimated tax rate is set at 0.2881, which is 0.0086 below the 2024 capped rate of 0.2967.

• Growth Metrics: The village saw an overall growth in Equalized Assessed Valuation (EAV) of 7.6%, driven by a 6% increase in existing property values and 1.6% from new construction.

• Consumer Price Index: The levy incorporates a 2.9% increase in the Consumer Price Index (CPI).

The Frankfort Village Board on Monday, Dec. 15, 2025, voted unanimously to authorize the annual levy of taxes for the fiscal year beginning May 1, 2025. The decision followed a detailed recommendation from the Committee of the Whole, which reviewed preliminary figures from the Will County Assessor’s office.

Trustee Jessica Petrow presented the report, noting that the village’s financial position remains strong due to significant growth in property valuations. The total estimated new property value in the village reached $21,550,920 for the year.

“The Committee forwarded a recommendation to the Village Board to request a levy of $4,069,066, which incorporates the CPI increase and new property values,” Petrow said. She emphasized that while the total dollar amount collected by the village will rise to meet service demands, the burden on individual taxpayers is mitigated by the expanded tax base.

Based on the preliminary EAV figures, the proposed tax rate of 0.2881 marks a notable decrease from the 0.2967 rate set in 2024.

As part of the approval, the board also passed a resolution providing specific directions to the Will County Clerk. In the event that the Property Tax Limitation Act (tax cap) requires a reduction in the requested levy, the village directed the clerk to first reduce the General Corporate, Illinois Municipal Retirement Fund, Social Security, and Police Protection funds before affecting other categories.

The levy covers essential municipal services including police protection, infrastructure maintenance, and administrative operations. The approved ordinance and resolution will now be filed with the County Clerks of Will and Cook Counties to meet year-end statutory deadlines.