Normal landowners to foot the bill for increased pension obligations

Posted on November 3, 2019
Money
Normal Town staff is proposing a property tax increase to cover rising pension costs. (Photo courtesy Flickr/401K2012)

 

By Howard Packowitz

NORMAL – Property taxes are expected to rise in Normal next year to cover higher pension costs.

The owner of a $165,000 home will pay an extra $37 in property taxes next year, according to government staffers in a report, which will be presented to the town council Monday night.

The estimate is based on a proposed levy in which the government would collect $13.6 million in property taxes next year, up 4.95 percent from this year.

The tax rate is expected to increase 5.54 cents, or 3.76 percent, to $1.5260 per $100 of assessed valuation, compared to $1.4706 this year.

Staffers believe the tax base will grow by 1.25 percent next year, compared to 1.24 percent this year.

At the same time, the town is required to increase its contribution to the Illinois Municipal Retirement Fund (IMRF) by $372,336.

The town’s police pension fund contribution is expected to increase by almost $155,509, and its fire pension fund by $59,810.

There is no increase in the proposed levy for the town government’s general fund.

The council is expected to take final action on the levy at its December 2 meeting.

Howard Packowitz can be reached at [email protected]

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