Kankakee property is once again on the upward trend.

During Monday’s Kankakee City Council meeting, Mayor Chris Curtis presented the 2025 property tax levy and noted that property values have risen by another $35 million.

The proposed levy is expected to generate $14.39 million. In 2024, the tax levy generated $14.03 million. These figures indicate that the tax rate will represent a 2.5% increase.

By law, tax levies must be adopted by Dec. 31.

According to figures from the proposed property tax levy, which went through its first reading Monday and will go through its second and final reading at the Dec. 15 council meeting, Kankakee has an assessed valuation of $357.79 million.

That figure represents an almost $35 million spike from the April assessment of $322.8 million.

The value of property is a key data point at which municipalities set the tax levy, which is the amount of money the governmental body can expect to generate through property taxes.

As a result of the rising value of property, the Kankakee administration noted that the projected property tax rate for the upcoming tax year will be $3.97, which is a drop from last year’s rate of $4.32.

The $3.97 tax rate would represent the city’s lowest tax rate since 2007.

However, before taxpayers get too excited, this lowering does not mean taxes will go down.

The lower rate still will bring in an estimated $344,000 more than the city collected this year.

The mayor said if a property owner’s taxes go up this year, it is because their property has gained value – at least from the city administration’s standpoint.

By that, Curtis said, the city’s tax levy represents only a portion of a property owner’s tax bill. Other key components to a Kankakee taxpayer’s tax bill are Kankakee School District 111, Kankakee Community College, Kankakee Valley Park District and the Kankakee County Board.

This increased valuation should be viewed as a positive trend, however, Curtis said after the council meeting.

“If your taxes go up, it’s because your property value is growing,” he said. “... We are attempting to keep tax bills as low as possible.”

The administration was caught somewhat by surprise by the $35 million increase. Curtis believed the valuation number would grow, but he was thinking in the $10 million to $15 million range.

He said new construction is a factor. He noted that the Ricky Rocket Fuel Center and the $11.5 million expansion to the memory care at Asbury of Kankakee in east Kankakee also contributed to the growing valuation.

Curtis said other long-discussed projects should be opened in 2026, most notably the QuikTrip fuel station in south Kankakee, which will add to the growing tax base.