PROPERTY TAX REVENUE Property tax revenue provides 56% of the total revenue of the District. Property taxes are the District’s largest funding source that supports District operations. For 2024, the District is anticipating a 5.0% increase in the tax levy extension request (determined by the December 2022 published Consumer Price Index) in addition to new growth in the City of Naperville. The Special Recreation Levy used to fund inclusion services and ADA-related capital improvements is proposed to decrease from 2.88-cents to 2.76-cents of the District’s Equalized Assessed Valuation based on the District’s needs for 2024. While the District can levy up to 4.0-cents for special recreation needs, the District only levies what it needs in any given year. The total levy increase is estimated to be 4.6%. BACKGROUND The levy ordinance, which details the property tax request for DuPage and Will counties, will be presented for approval to the Park Board in December. The ordinance must be filed with both DuPage and Will counties by the last Tuesday in December. The levy amounts for each tax rate are extended against the equalized assessed valuation of that year. The District is subject to two sets of tax limits: rate limits that limit the maximum rates that can be levied for a particular purpose, and tax caps, which limit the total dollar increase in the levy to the lesser of 5% or the Consumer Price Index (CPI) as published by the Illinois Department of Revenue, excluding new construction/annexation. If the levy exceeds the rate limitation, the extension is reduced to the statutory limit. The December 2022 CPI number came in at 6.5% (1.5% over the statutory limit of 5.0%). This is the second year of high inflation where CPI has exceeded the statutory limit over the last 40 years. New construction is not subject to the limitations imposed by tax caps. It has been the practice of the District to increase its levy extension above what it expects to receive to capture any new valuation growth. This is done to ensure that the tax burden is equitably spread over all new construction in the District. The charts on this page provide the annual Equalized Assessed Valuation (EAV) for the District from 2005-2022.
$2,000,000,000 $1,000,000,000 $4,000,000,000 $3,000,000,000 $6,000,000,000 $8,000,000,000 $9,000,000,000 $7,000,000,000 $5,000,000,000 $10,000,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0
LEVY YEAR EAV
GROWTH %
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
5,839,863,021
8.60%
6,282,195,485 7.60% 6,775,162,478 7.80% 7,150,765,856 5.50% 7,318,382,400 2.30% 6,959,561,716 -4.90% 6,657,446,945 -4.30% 6,285,058,623 -5.60% 6,128,286,390 -2.50% 6,200,069,125 1.20% 6,488,452,773 4.70% 6,889,859,833 6.20% 7,183,026,180 4.30% 7,459,649,655 3.90%
7,693,151,123
3.13%
8,029,900,644 4.38% 8,170,976,028 1.76%
8,584,630,651
5.06%
2024 BUDGET 19
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