Round Lake Beach approves 9% increase in tax levy

The Round Lake Beach village board has approved a $3.09 million property tax levy -- a projected 9% increase from the amount collected this year.

The property tax increase will go toward the police pension fund, which accounts for more than half the tax levy at $1.62 million, up from $1.37 million.

Round Lake Beach Finance Director Matt Rossi said residents should expect to pay an average of $29 more per household in the village. The average Round Lake Beach home value is $140,000.

Rossi predicts household value will increase by 3 percent in the village this year.

Rossi said the increase in police pensions comes from longer life expectancy and an increase in benefits to the village officers.

A 2019 state report indicated Round Lake Beach's police pension fund was 69% funded in 2017, with $20.59 million in assets.

Aside from the pension fund, officials say the tax levy will help the village keep up with capital plans including road replacements. They predicted a growing tax base from businesses like Tony's Fresh Market will offset some of the tax increase.