St. Charles' newly approved property tax levy won’t raise rates

St. Charles homeowners may see a decrease in the city’s portion of their property tax rate next year as the city’s newly approved $24 million levy will capture new growth.

City Council members approved a 2024 property tax levy of $24,250,598 in a split vote at their Dec. 2 meeting.

The levy is not expected to increase tax rates for homeowners, pending Kane County’s assessment of equalized assessed value changes, because the increase is expected to be offset by TIF EAV recovery and new development.

The levy represents a 1.7% increase over last year, the smallest increase in the past six years. Officials are expecting an increase in the city’s EAV of about 12.7%, which is expected to equate to a 5% tax rate decrease for homeowners.

The city’s overall property tax rate is $0.8244 per $100 of EAV. The rate is expected to decrease to $0.744 per $100 of EAV, though final EAV numbers won’t be available until the spring.

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.

City Council members held a public hearing before voting to approve the levy at their Dec. 2 meeting. No members of the public spoke during the hearing.

Alderperson Bryan Wirball reiterated his stance against levy approval before reviewing the budget, saying he did not feel they had done their due diligence. Alderperson Ron Silkaitis echoed Wirball’s statement.

Council members approved the 2024 levy ordinance in a 7-3 vote. Silkaitis, Wirball and David Pietryla voted no.