CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Conduct a truth-in-taxation hearing for the 2024 property tax levy (Item 1 of 3)
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, 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 before filing the levy. The completed steps to date include:
* Make the tentative annual budget available for public inspection. (October 11)
* Estimate the amount of taxes to be levied at least 20 days before approval. (November 19)
* Determine whether a truth-in-taxation hearing is required. (November 19)
* Publish notice for a public hearing on the tentative annual budget. (November 20)
* Hold a hearing on the tentative annual budget and pass an ordinance approving the annual budget. (December 3)
* Publish notification in the newspaper of the truth-in-taxation hearing not less than seven days and no more than 14 days before the date of the truth-in-taxation hearing. (December 6)
The remaining step this year in the property tax levy process is:
* Hold truth-in-taxation hearing and adopt the levy. (December 17)
Per Illinois state statute, municipalities are required to publish and hold a truth-in-taxation hearing if the amount of the requested aggregate 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 2023 extension to the initial, unabated 2024 levy, the proposed 2024 levy is 105.1% of the previous year's levy, thus 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 date at its November 19, 2024 meeting. The truth-in-taxation hearing ...
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