By Howard Packowitz
NORMAL – The attorney for Unit 5 schools said the district held its ground and gained revenue in a tax dispute with the company that challenged property tax assessments for 81 student apartment complexes.
The school board unanimously agreed to settle with Young America Realty, adding $141,000 to the district’s tax base in each of the next five years.
In some cases, Unit 5 attorney Curt Richardson said the agreed assessed value is above the initial assessment.
“There are certain properties where there is a reduction. There are other properties where actually the agreed assessed value is higher than what the assessor had it at,” Richardson said.
He said the district is also saving legal costs for what could have been 81 separate hearings before the Board of Review and the Property Tax Appeal Board.
“If we were to litigate all those, all of that time, all of that expense, and then potentially 80 appraisals. Appraisals aren’t cheap either,” Richardson added.
Earlier this fall, Unit 5 came to terms with First Site Apartments, which challenged assessments on 26 properties. Richardson said that settlement is worth $15,000 a year for the district.
In other business, the school board adopted a property tax levy of almost $113 million, to be collected next year, up from last year’s $109 million levy.
Property owners will see a modest tax increase, assuming the board approves a $10 million sale of health, life, and safety bonds for building improvements. The owner of a $150,000 home will pay an extra $3.50.
The board votes next month on the bond sale.
Howard Packowitz can be reached at [email protected]
