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Naperville City Council Begins Annual Budget Cycle with Potential Tax Rate Increases

Strategic Insights

— 1 min read

The city council of Naperville will meet at 7 p.m. today to begin the annual budget cycle, which will result in the creation of a preliminary tax-rate request to be submitted to DuPage and Will county leaders by December 27. The city's total budget is nearly $330 million, with the finance staff presenting three options for tax rates that are all higher than the current rate. The proposed tax rates would generate around $40 million, with the owner of a $350,000 home paying about $830 toward the city's portion of the property tax bill. Despite budget surpluses in the past two years, council members are considering pushing the tax rate lower to avoid overburdening property owners.

Key Takeaways:

  • The city council will discuss three options for tax rates, all of which are higher than the current rate of 74 cents per $100 of equalized assessed value.
  • The proposed tax rates would generate around $40 million, with the owner of a $350,000 home paying about $830 toward the city's portion of the property tax bill.
  • Councilman Doug Krause aims to keep the tax rate at last year's level, while Councilman James Boyajian expects the final rate to be lower than the initial proposal.
  • The city council oversees taxes for city services, the library system, and Naper Settlement, with the library receiving close to $12.4 million in appropriations this year.
  • Next year, library officials are looking for $14 million, with Councilman Darlene Senger raising questions about the increase.
  • The council will also debate the disbursal of federal Community Development Block Grant funding and the city's three-year financial plan.

Statistics:

  • The city's total budget is nearly $330 million.
  • The current tax rate is 74 cents per $100 of equalized assessed value.
  • The proposed tax rates would generate around $40 million.
  • The owner of a $350,000 home paid about $830 toward the city's portion of the property tax bill this year.
  • The library received close to $12.4 million in appropriations this year.
  • Next year, library officials are looking for $14 million.

Sources:

  • Jake Griffin, Daily Herald Staff Writer, "Naperville City Council Begins Annual Budget Cycle"
  • City of Naperville, "Budget Proposal 2023"

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