By Adam Studzinski
NORMAL – Unit 5 is considering a small decrease in its property tax levy for the next year.
The proposal to the Board of Education Wednesday night would mean property owners pay $5.02 per $100 of assessed property value. Last year’s rate was $5.05.
Finance Director Marty Hickman explained they’re able to decrease their levy due to a anticipated 2.8 percent increase in the overall equalized assessed value in the county.
“Roughly a 2.8 percent increase in local revenue is a huge benefit to the district for several reasons. One, it’s a bigger increase than we’ve seen in many years,” said Hickman. “I think it’s also a good sign for the local economy.”
Property taxes make up about 69 percent of the Unit 5 budget. The board will vote on approving the levy in December.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
