The Chicago suburb’s decision to raise the levy will result in a 3.1 percent hike in the city’s portion of property tax bills, marking the first such increase in four years.
Seeing rising pension costs, a decline in state assistance, and a new state tax-collection fee, in 2018 the village plans to raise the property tax levy 4.9 percent and make a 1.2 percent cut to the village’s budgeted revenues, in addition to a 1.7 percent spending cut.
Despite increases in city contributions to both its police and fire pension funds, Normal, Illinois’, unfunded police and fire pension liabilities are growing.