KVPD approves tax levy

KANKAKEE — The Kankakee Valley Park District Board adopted an ordinance setting its tax levy for the 2024-25 fiscal year at Monday’s meeting.

The proposed taxes to be levied for 2024 total $2,715,681, an increase of 2.86% from FY 2023-24, according to KVPD documents.

A public hearing was held before the board’s vote. There were no members of the public present.

The calculated levy rate (.3960%) would be in effect for tax bills received by residents in May 2025. The Kankakee Valley Park District makes up about 5% of a homeowner’s total tax bill.

The Kankakee County Assessor’s office will make a final decision on the levy rate in March or April.

The owner of a house valued at $100,000 would pay $395.99, a decrease of $18.91 from FY 2023-24.

The estimated equalized assessed valuation of property in the KVPD for 2024 is $475,250,425, a 10% increase over 2023’s $432,045,841.

The equalized assessed valuation of a property is the product of the assessed value of a property (both land and improvements) and the state equalization factor, which is set by the Illinois Department of Revenue.

In Illinois, taxpayers pay one-third of their market value — for example $100,000 times .3333 — to determine EAV. Then, the amount of taxes paid is the EAV (tax base) times the tax rate, which is the sum of all the rates of the taxing districts (schools, county, township, parks, city and airport).

The tax rate is a number that, when multiplied by the tax base, will produce the levy amount, according to the Illinois Department of Revenue. In other words, the tax rate is equal to the tax levy divided by the tax base.

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