CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the estimated 2023 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 5, 2023
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
Pursuant to 35 ILCS 200/18-60, the 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 5, 2023 City Council meeting. This satisfies the minimum 20 days requirement between the estimate of the 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. Several statutorily required steps need to occur prior to the filing of the levy. These steps include:
* Make the tentative annual budget available for public inspection and publish notice of a public hearing.
* Hold a public hearing on the tentative annual budget and pass an ordinance approving the annual budget.
* File the approved budget with county clerks within 30 days of approval, but before the 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 the 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.
* Hold the Truth-in-Taxation hearing and adopt the levy ordinance.
DISCUSSION:
On December 20, 2022, City Council approved a 2022 property tax levy of $65,004,372, followed by the abatement of debt servi...
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