Kankakee property is once again on the upward trend.

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

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% tax 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 $357,768,872.

The $357-million figure represents a nearly $35-million spike from the April 2025 assessment of $322.8 million.

The value of property is a key data point when 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 the projected property tax rate for the upcoming tax year will be $3.971, which is a drop from last year’s rate of $4.316.

The $3.971 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 will still 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 entire tax bill are the Kankakee School District, 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- to $15-million range.

He said new construction is also a factor. He noted 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.

He 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.