CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Conduct a Truth-in-Taxation hearing for the 2022 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 tentative annual budget available for public inspection. (October 14)
* Estimate the amount of taxes to be levied at least 20 days prior to approval. (November 15)
* Determine whether a Truth-in-Taxation hearing is required. (November 15)
? Publish notice for a public hearing on the tentative annual budget. (November 27)
? Hold hearing on tentative annual budget and pass ordinance approving annual budget. (December 6)
? Publish notification in the newspaper of Truth-in-Taxation hearing not less than seven days and no more than 14 days prior to date of the Truth-in-Taxation hearing. (December 11)
The remaining step this year in the property tax levy process is:
? Hold Truth-in-Taxation hearing and adopt levy. (December 20)
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 tax year 2021 extension to the initial, unabated 2022 levy, the proposed 2022 levy is 119% 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 15, 2022 meeting. The Truth-in-Taxation hearing notice was published on December 11 i...
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