Naperville city tax bill may drop
Naperville taxpayers will pay about $22 less to the city despite the council members approving a 2.5 percent increase in the property tax rate.
The rate, approved Tuesday, is 73.58 cents per $100 of equalized assessed value, compared to last year's rate of 71.67 cents.
At that rate the owner of a typical $380,000 home pays about $872 for the city's portion of their property tax bill. With the 2-cent increase, homeowners will pay roughly $850, according to Karen DeAngelis, director of finance.
The total levy, $49.1 million is about 3.5 percent less than last year, despite the increased rate, a trend city officials attribute to an approximately 5 percent decrease in the taxable value of property in the past three years.
The rate increase is expected to shrink the city's budget gap from $4.1 million to about $2.85 million.