UPDATE: The Waukegan City Council has just announced a $37.3 million real estate tax levy for 2025, maintaining a stable tax rate for the sixth consecutive year. This decision, made during a meeting at City Hall on Monday, means property taxpayers will not see an increase in the city’s portion of their tax bills when Lake County sends them out in the spring.
Mayor Sam Cunningham emphasized the proactive planning that led to this decision. “We identified these things early on, and it has helped us to achieve a zero-levy increase for six years,” he stated. The city’s budget for the fiscal year, which began on May 1, was carefully structured to allow for this stability, despite a record budget of $292 million against projected revenues of $262.9 million.
With the average value of a three-bedroom home in Waukegan estimated at $240,000, residents can expect their taxes to remain around $4,469 annually. However, Alderman Lynn Florian cautioned that while the city’s portion will not increase, individual tax bills may rise due to contributions to other governmental entities such as the Park District and school districts.
Notably, the Waukegan Community Unit School District 60 recently approved a 4.99% tax levy increase to support educational quality, which may impact overall tax obligations for homeowners in the area. Cunningham remarked that taxpayers often misattribute these increases solely to the city, calling for a closer examination of tax bills to understand the various components.
While the city hopes to maintain this tax stability, Cunningham acknowledged looming financial obligations, including plans for a new police station and fire station, as well as settlements related to wrongful convictions. “We are looking at building a new police station and a new fire station,” he said, highlighting future expenses that could challenge the city’s tax strategy.
The breakdown of how property tax revenue is allocated reveals that approximately $4.87 million funds the Waukegan Public Library, while $6.75 million is designated for garbage collection. The bulk of the revenue, around $22.5 million, is directed toward police and fire services, as well as pensions for the Illinois Municipal Retirement Fund.
Residents are urged to stay informed and review their tax bills closely when they arrive, as changes from other taxing bodies could affect their overall tax burden. As Waukegan navigates its fiscal challenges, the city remains committed to transparency and fiscal responsibility, striving to keep the tax levy level in the face of rising expenses.
Stay tuned for more updates as Waukegan continues to manage its budget and resources effectively.
