CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Conduct a Truth-in-Taxation hearing for the 2023 property tax levy (Item 1 of 3)
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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 a tentative annual budget available for public inspection. (October 13)
* Estimate the amount of taxes to be levied at least 20 days prior to approval and determine whether a Truth-in-Taxation hearing is required (November 7)
? Publish notice for a public hearing on the tentative annual budget. (November 8)
? Hold a hearing on the tentative annual budget and pass an ordinance approving the annual budget. (November 21)
? Publish notification in the newspaper of a Truth-in-Taxation hearing not less than seven days and no more than 14 days prior to the date of the Truth-in-Taxation hearing. (November 24)
The remaining step this year in the property tax levy process is:
? Hold a Truth-in-Taxation hearing and adopt the levy. (December 5)
Per Illinois state statute, 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 2022 extension to the initial, unabated 2023 levy, the proposed 2023 levy is 114.5% 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 7, 2023 meeting. The Truth-in-Taxation hearing notice was published on ...
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