Time will tell if taxes go up in Plainfield as the board is reviewing the
equalized assessed valuation (EAV) estimate that has increased by 15
percent over last year.

The EAV is the result of applying the state equalization factor to the
assessed value of a parcel of property. Tax bills are calculated by
multiplying the EAV (after any deductions for homesteads) by the tax
rate.

Based on preliminary EAV estimates, the ordinance reflects a total
property tax request of $10.06 million, an increase of 14 percent in
revenue, according to Traci Pleckham, assistant village
administrator/management services director for Plainfield.

However, she said, the actual dollar amount the village will receive
is anticipated to be less. She told the board at Monday’s meeting the
EAV used in the property tax calculation averages the property owner’s
assessed valuation over a three-year period.

Based on preliminary information received from Will and Kendall
counties, Pleckham told the board that the overall 2024 estimated EAV
has increased by approximately 14 percent as compared to the 2023 EAV.
The village’s EAV will not be available until spring 2025, according
to Pleckham.

“Although board direction for the tax levy has been historically based
on the village’s tax rate, it is important to point out that formal
approval of the annual tax levy is based on dollars requested,” she
continued. “Once the official EAV is available, the county clerk then
calculates the tax rate needed to produce the amount of dollars
requested by each taxing district.”

Because of this, Pleckham said staff is requesting a slightly higher
overall EAV preliminary estimate of 15 percent.

“However,” she said. “The actual dollar amount the village will
receive is anticipated to be less. The higher estimate is to ensure
the village captures the entire amount of the village’s EAV.”

The Village of Plainfield’s portion of the 2023 tax levy was 5.64
percent. This means for every dollar paid in property taxes by village
residents, 5.64 cents is paid to the Village of Plainfield.

When a Plainfield resident opens their tax bill, majority of the
money is going toward Plainfield Community Consolidated School
District 202. Other governmental bodies that serve Plainfield
residents also get its share of the money from the tax bill, including
Plainfield Fire Protection District and Plainfield Public Library
District.

The Plainfield Village Board is expected to consider the 2021 tax levy
ordinance for approval at the Monday, Dec. 2, meeting. A public
hearing on the proposal is expected to take place prior to the vote.