Naperville Township abates $500,000 in property taxes
Naperville Township taxpayers can expect to pay about $23 less in township property taxes next year thanks to recent action by the board.
Trustees on Tuesday approved a plan to reduce the township's reserve fund and abate $500,000 in property taxes.
The abatement amounts to about 26 percent of the roughly $90 the owner of a $400,000 home pays annually to the township.
Supervisor Gary Vician said he initially proposed a $1 million abatement but failed to win the support of enough board members. Trustee Dave Wentz then suggested the $500,000 abatement and won approval.
"Yes, it is time to abate and yes, the abatement needed to be meaningful," Wentz said Wednesday. "It is the fiscally responsible thing to do and it won't leave the future board in a financial quandary."
The township is proposing a $1.8 million budget for the coming fiscal year. Vician said several social services, including the food pantry will benefit from the nearly $165,000 increase projected for social service funding.
"I'm happy we abated something," Vician said. "But I believe we could have abated the full $1 million and still helped the social services fund."
Vician said the full abatement would have left the township with about $700,000 in reserves to hold it over until the first $900,000 tax payment is processed in mid-June.
Vician said that township's operating budget each month is between $130,000 and $150,000 and recommended it retain about six month's operating expenses in reserve.
Wentz's plan allows for the township to retain about a year's worth of expenses.
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