CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
title
Conduct a Truth-in-Taxation hearing for the 2021 property tax levy (Item 1 of 3)
body
DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
If the City of Naperville chooses to raise revenue through property taxes, it is required to approve and file a property tax levy ordinance by the last Tuesday in December with DuPage County and Will County. Several statutorily-required steps must occur prior to filing the levy. The completed steps to date include:
? Make tentative annual budget available for public inspection. (October 15)
* Estimate the amount of taxes to be levied at least 20 days prior to approval. (November 16)
* Determine whether a Truth-in-Taxation hearing is required. (November 16)
? Publish notice for a public hearing on the tentative annual budget. (November 28)
? Hold hearing on tentative annual budget and pass ordinance approving annual budget. (December 7)
? Publish notification in the newspaper of Truth-in-Taxation hearing not less than seven days and no more than 14 days prior to date of the Truth-in-Taxation hearing. (December 12)
The remaining step this year in the property tax levy process is:
? Hold Truth-in-Taxation hearing and adopt levy. (December 21)
Per Illinois state statue, municipalities are required to publish and hold a Truth-in-Taxation hearing if the amount of the requested levy is more than 105% of the prior year's general corporate and special purpose tax extensions, plus any amount abated prior to the extension. When comparing Naperville's tax year 2020 extension to the initial, unabated 2021 levy, the proposed 2021 levy is 116% of the previous year's levy, therefore requiring the City to hold a Truth-in-Taxation hearing.
The City Council received the estimated tax levy and set a Truth-in-Taxation hearing at its November 16, 2021 meeting. The Truth-in-Taxation hearing notice was published on December 12 i...
Click here for full text