CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the estimated 2017 property tax levy for the City of Naperville, including the Naperville Public Library, and direct staff to publish notice for a Truth-in-Taxation hearing on December 19, 2017.
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DEPARTMENT: Finance Department
SUBMITTED BY: Erik Hallgren, Financial Services Supervisor
BOARD/COMMISSION REVIEW:
None
BACKGROUND:
Pursuant to 35 ILCS 200/18-60, City Council is to determine the amounts of money, exclusive of election costs, estimated to be necessary to be raised by taxation upon the taxable property in the City. The proposed estimate of levy can then be considered for final approval by City Council at the December 19, 2017 City Council meeting. This satisfies the minimum twenty (20) days requirement between the estimate of levy and the adoption of the levy.
By law the City is required to approve and file with the DuPage and Will County Clerks a tax levy ordinance by the last Tuesday of December if the municipality chooses to raise revenue through real estate taxes. There are several statutorily required steps that need to occur prior to the filing of the levy. These steps include:
* Make tentative annual budget available for public inspection. Publish for a public hearing.
* Hold hearing on tentative annual budget; pass ordinance approving annual budget. [File with County Clerks within 30 days of approval, but before tax levy ordinance is filed.]
* Estimate the amount of taxes to be levied at least 20 days prior to approval.
* Determine whether a Truth-in-Taxation hearing is required.
* Publish notification in the newspaper of Truth-in-Taxation hearing not less than 7 days and no more than 14 days prior to date of the Truth-in-Taxation hearing.
* Hold Truth-in-Taxation hearing; adopt levy.
DISCUSSION:
The chart below shows the 2016 final levy and the final 2016 extension. The City is required to levy property taxes for an amount necessary to cover all debt se...
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