In a close 5-4 vote Monday night, the Naperville City Council agreed to raise the property tax rate from 0.7167 percent to 0.7367 percent.
The city has in the past approved a property tax rate increase and then lowered it when assessments are released, and officials claim the same thing will happen this time. The city plans to collect more than $50.6 million in property taxes next year and only approved the higher rate in case assessments fall, to ensure city services are funded.
This is necessary because a property tax levy must be approved well in advance of the budget year's beginning.
Councilwoman Judy Brodhead said the assessment was much more important to a person's tax payment than the tax rate, but Councilman Bob Fieseler objected to a tax that is impossible for a struggling property owner to avoid, unlike a sales tax.
Still, for owners hoping a drop in property values would mean a drop in taxes, it would seem the city is planning for a way around that contingency.
What do you think? Is this just business as usual or do you object?