The City of Naperville is considering a less than one percent property tax increase in its 2018 budget.
City council recently held the first of three annual budget workshops where property tax was discussed.
City staff said the increase would catch up to increasing home value. The city’s use of a flat levy does not allow the tax to automatically fluctuate with property values.
City officials said the average homeowner’s city property tax bill has gone down from about $1,000 to about $800 since 2015, decreasing property tax income.
Erik Hallgren of the city finance department said the exact rate won’t be known until the 2018 budget is finalized, as it is dependent upon pension funding decisions as well as other funding.
“Property taxes fund a variety of different services: debt service, our pension funding, general city operations library services as well as service at the Settlement,” Hallgren said.
The next budget workshop is scheduled for November 13.
Naperville News 17’s Beth Bria reports.
