By Howard Packowitz
Property owners in Normal will likely see a big boost in their tax bills, which the town government blames on the rising cost of pensions for police and firefighters.
The owner of a $165,000 home will pay an extra $44, according to a staff report to be presented to the Normal Town Council Monday night.
The proposed tax rate is expected to climb about nine cents to a $1.50 per $100 of assessed valuation amid relatively stagnant property values.
City Manager Mark Peterson said the town expects to collect about $13 million in property taxes next year, up almost seven percent from last year’s levy.
“We are not increasing the levy so much as a nickel for general fund operations or for the library”, said Peterson. “The entire sum of the increase will be used for pension purposes.”
Staffers estimate assessed values in Normal will increase a 0.5 percent, after a more than 3 percent climb the previous year.
“If we would’ve assumed a three or four percent increase in equalized assessed evaluation, which would be great if that’s what happens”, said Peterson. ” I’m doubtful, but that would’ve made the property tax rate increase that we’re projecting next year much lower.”
Actual assessed values won’t be known until next April.
The Town Council is expected to schedule a public hearing on the tax levy on December 4.
Howard Packowitz can be reached at [email protected].
