Post by southsidesignmaker on Oct 24, 2010 9:28:32 GMT -6
City Council to discuss two options for tax levy at special workshop
By Jenette Sturges jsturges@stmedianetwork.com Oct 23, 2010 10:34PM
napervillesun.suntimes.com/news/2075821-418/tax-council-levy-rate-property.html
The Naperville City Council will look at two options for determining the property tax levy for next year at its workshop Monday evening.
A flat rate levy would keep the tax rate at the same level as last year, $0.7167. Residents would likely see their tax bills decrease slightly to reflect the decrease in property values since the burst of the housing bubble in 2008.
A flat dollar levy would raise the rate at which residents pay property taxes, but would not increase individual tax bills over last year’s dollar amount.
City staff is recommending the second option, which would raise the property tax rate to $0.7544, but keep the amount individuals pay the same as in previous years.
That would also give the city some flexibility in the months leading up to the new budget year. If staff and the council can find ways to trim the budget further between now and April, the property tax levy could be abated, and residents could ultimately end up paying less.
The city is facing a budget gap of $4.1 million if the tax rate remains the same. If the council decides to increase the tax rate, that budget gap shrinks to $1.6 million.
In addition to the tax levy, the council will also be discussing budgets for the Department of Public Works, the mayor and council’s office, overtime and conferences and training.
The Naperville City Council will meet for its workshop on the Fiscal Year 2012 tax levy at 5 p.m. Monday in Meeting Rooms B and C of the Naperville Municipal Center, 400 S. Eagle St.
By Jenette Sturges jsturges@stmedianetwork.com Oct 23, 2010 10:34PM
napervillesun.suntimes.com/news/2075821-418/tax-council-levy-rate-property.html
The Naperville City Council will look at two options for determining the property tax levy for next year at its workshop Monday evening.
A flat rate levy would keep the tax rate at the same level as last year, $0.7167. Residents would likely see their tax bills decrease slightly to reflect the decrease in property values since the burst of the housing bubble in 2008.
A flat dollar levy would raise the rate at which residents pay property taxes, but would not increase individual tax bills over last year’s dollar amount.
City staff is recommending the second option, which would raise the property tax rate to $0.7544, but keep the amount individuals pay the same as in previous years.
That would also give the city some flexibility in the months leading up to the new budget year. If staff and the council can find ways to trim the budget further between now and April, the property tax levy could be abated, and residents could ultimately end up paying less.
The city is facing a budget gap of $4.1 million if the tax rate remains the same. If the council decides to increase the tax rate, that budget gap shrinks to $1.6 million.
In addition to the tax levy, the council will also be discussing budgets for the Department of Public Works, the mayor and council’s office, overtime and conferences and training.
The Naperville City Council will meet for its workshop on the Fiscal Year 2012 tax levy at 5 p.m. Monday in Meeting Rooms B and C of the Naperville Municipal Center, 400 S. Eagle St.
