Homewood considers 2025 tax levy options among rising pension costs – Homewood-Flossmoor Chronicle

Homewood considers 2025 tax levy options among rising pension costs – Homewood-Flossmoor Chronicle

The need to increase property tax is due to Illinois requiring local police and fire pension funds to reach 90 percent funding by 2040. Homewood’s Police Pension Fund currently is funded at 55 percent, and the Fire Pension Fund is at 72.2 percent. The village must contribute $2.98 million to the police fund and $985,580 to the fire fund next year to stay on track.