While paying this year’s second real estate tax installment is now just a painful memory, and next year’s tax bills seem a long way off, we are in the midst of the time of the year when the important decisions about our real estate taxes are being made and, sadly, most homeowners just aren’t paying attention.
While everyone gets excited when the bills show up in late April, the basis of next year’s taxes is being set now as governmental units prepare the budgets that could drive a tax levy increase. School districts, county boards, municipalities, townships and more are all in the midst of developing the spending plans that translate into line items on property tax bills.
Naperville will be starting budget workshops later this month and some entities were working on their plans over the summer.
The Illinois Property Tax Extension Limitation Law will limit levy increases (on existing construction) to 0.7 percent over last year’s total request, but the question remains as to whether this increase cap should be considered an annual governmental entitlement or simply a limit on any possible increases, with reductions always welcome.
Check your tax bill to see who is spending your money, go to their website, find Board meetings focused on budgets, and get involved!
Speaking of taxes, the third highest line item on my tax bill is College of DuPage. Its new president, Dr. Ann Rondeau will be at the Confederation’s meeting on Saturday morning, October 15 at 8AM in meeting room B of the Naperville Municipal Center. With all of the negative news associated with C.O.D. over the last year or so, it will be very interesting to hear how the new administration is working to right the ship.
More details on the meeting will be at www.napervillehomeowners.com. Hope to see you there!
