St. Charles’ $24 million property tax levy moves closer to approval

St. Charles homeowners may not see an increase on the city’s portion of their property tax rate, as an estimated levy of over $24 million moves closer to final approval.

City Council members approved a $24,250,598 preliminary estimate for the 2024 property tax levy, in a split vote at their Nov. 4 meeting.

The proposed levy amount would be a 1.7% increase in the total overall operating levy, the smallest increase in the past six years. The levy would not increase tax rates for existing homeowners, pending Kane County’s assessment of equalized assessed value changes, as the increase is expected to be offset by TIF EAV recovery and new development.

Major factors of the 2024 levy amount were the city’s required contributions to the police and firefighter’s pension funds. The police pension contribution increased .47% over last year to $4,488,229 and the firefighter’s pension contribution increased .49% to $3,004,292.

With council approval, once the levy ordinance is finalized, it will be presented for possible final approval at the Dec. 2 City Council meeting after a public hearing held that same evening.

Finance Director Bill Hannah first presented the levy recommendation to Government Operations Committee members at their Oct. 21 meeting. The city’s current overall property tax rate is $0.8244 per $100 of taxable assessed valuation. Hannah said with this levy that rate is expected to reduce by about 5%, though final EAV numbers won’t be available until the spring.

Council members approved the levy estimate in a 7-3 vote with alderpersons Ron Silkaitis, David Pietryla and Bryan Wirball voting no. Those against the levy said they would like to have an opportunity to review the budget before making decisions on the levy amount.

Alderperson Paul Lencioni said he was in full support of the levy. He said while he was glad to not be raising residents’ taxes, with the amount of capital projects and unfunded, government-mandated infrastructure projects on the horizon, raising tax rates will be necessary in the coming years.