CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Conduct a Truth-in-Taxation hearing for the City's property tax levy. (Item 1 of 3)
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DEPARTMENT: Finance Department
SUBMITTED BY: Erik Hallgren, Financial Services Supervisor
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
The City is required to approve and file with the DuPage and Will County clerks a tax levy ordinance by the last Tuesday in December if the municipality chooses to raise revenue through real estate taxes. Several statutorily-required steps must occur prior to filing the levy. The completed steps to date include:
* Make tentative annual budget available for public inspection. (October 20)
* Publish for a public hearing. (November 19)
* 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.] (December 5)
* Estimate the amount of taxes to be levied at least 20 days prior to approval. (November 7)
* Determine whether a Truth-in-Taxation hearing is required. (November 7)
* 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. (December 10)
The remaining step this year for Naperville in the property tax levy process is:
* Hold truth-in-taxation hearing; adopt levy. (December 19)
Per Illinois state statue, 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 2016 extension to the 2017 levy, the proposed 2017 levy is 121.7% of the previous year's levy, therefore requiring the City to hold a truth-in-taxation hearing.
City Council set a truth-in-taxation public hearing for the City's tax levy at the November 7, 2017 City Council meeting. The truth-in-taxa...
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