CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the estimated 2019 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 17, 2019
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
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 17, 2019 City Council meeting. This satisfies the minimum twenty (20) days requirement between the estimate of levy and the adoption of the levy.?????????????????????
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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 2018 final levy and the final 2018 extension. The 2018 levy is used to support 2019 City operations. The City is required to levy property ta...
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