By Adam Studzinski
NORMAL – Unit 5 is looking to increase its portion of the property tax levy by 4 percent, but much the same with Bloomington and Normal, it’s not expected to result in a higher tax bill.
That’s because of the expected increase in the area’s equalized assessed valuation. Finance director Marty Hickman said the amount homeowners pay per 100 dollars of estimated home value should be about the same.
“Last year ours was about $5.03,” said Hickman. “We believe the actual this year will be about $5.03.”
Hickman explained property taxes are the single largest funding source for public schools, which makes the funding stream extremely important.
“If you add on top of that, the second biggest resource, or revenue, that we have as a school district comes from the state level,” said Hickman. “As we’ve talked about in many meetings, that resource, or that revenue, has been very unpredictable.”
The school board will vote on approving the levy in December.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
