CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the estimated 2024 property tax levies for special service area numbers 23, 25, 30, 31, 33 and 34 and 35
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
If an estimated special service area (SSA) property tax levy is more than 105% of the tax amount extended for that special service area in the preceding year in any year other than the initial year of the SSA, state statute (35 ILCS 200/27-75) requires notice, compliant with the Open Meetings Act, be given and a public hearing held on reasons for the increase.
The City will be conducting a Truth-in-Taxation hearing for the aggregate City tax levy. This agenda item includes the estimated levy for each of the City's seven SSAs that will levy taxes in 2024 for the purpose of determining whether a public hearing is required for any of the SSAs.
DISCUSSION:
The City has seven SSAs that will levy taxes in support of the proposed 2025 annual budget. The chart below compares the final 2023 property tax extension and the estimated 2024 property tax levy for each of the seven SSAs.
Purpose
2023
Final
Extension
2024 Estimated Levy
% Change
SSA #23 (Naper Main)
98,940
98,939
0.0%
SSA #25 (Lacrosse Lane)
68,006
68,000
0.0%
SSA #30 (Downtown Streetscape)
93,114
93,111
0.0%
SSA #31 (Downtown Streetscape)
23,680
23,680
0.0%
SSA #33 (Downtown Maint. & Marketing)
1,252,899
1,252,829
0.0%
SSA #34 (Downtown Streetscape)
20,028
20,026
0.0%
SSA #35 (Downtown Streetscape)
125,000
125,000
0.0%
Because none of the seven SSA levies exceed 105% of their prior year extension, no public hearings are required for the 2024 levies.
Additional details on the amount requested for each levy are provided below.
SSA #23 - Main Street Promenade
The 2024 levy recommendation is $98,939. The request is nearly flat from last year's extension. This levy is utilized to provide a financing mechanism...
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