TO: Mayor and City Council
FROM: Beth Beatty, City Manager
SUBJECT:
title
Ordinance for the Levy and Assessment of Taxes for the Fiscal Year Beginning January 1, 2024, and Ending December 31, 2024 in and for the City of Joliet Public Library, Will and Kendall Counties, Illinois
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BACKGROUND:
Property tax revenue accounts for 21.8% of General Fund revenues. Unlike all other taxes where the City Council sets a rate, property taxes require that we set the amount each year. Staff has projected the value for new construction using permits issued on the past year. When determining the amount for the 2024 levy we accounted for assessing our current tax rate to new properties, pensions, and a minimal inflationary increase. The result is a tax levy that is a 6.45% increase from last year’s levy. This increase amounts to $3,054,631. This is expected to increase our rate by approximately only 1.05% to existing properties. This is because new values account for 5.4% of the 6.45% increase. Since the final assessed values are not available until after the deadline to file the levy with the Counties, the impact to the rate is an estimate. This ordinance does include an 8% increase for the Library portion of the levy. This portion is included in the calculations above.
The Library’s levy has continued to be listed as a separate agenda item. If this ordinance does not receive the required number of votes to pass, we will need to make changes to the Ordinance for the full City levy which includes the Library. The Ordinance for the full City levy will need to be filed with the County Clerks’ office to receive our tax levy.
RECOMMENDATION:
recommendation
It is recommended that City Council approve the Ordinances for the Levy and Assessment of Taxes for the Fiscal Year Beginning January 1, 2024, and Ending December 31, 2024 in and for the City of Joliet, including the Joliet Public Library.
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