Property tax hike seen for Unit 5 schools as district plugs budget holes

Posted on November 12, 2020
Unit 5
The school board is scheduled to take final action on the proposed levy at its December 9 meeting. (WJBC file photo)

 

By HOI ABC

NORMAL – Property owners in McLean County’s largest school district are likely to see a significant increase on their tax bills next year to cover a structural budget deficit.

Our news partner HOI ABC reports Unit 5 administrators presented to the school board Wednesday night the district’s preliminary levy in which it plans to collect $130.4 million in taxes, up 7.85% from the previous year. The tax rate is projected to increase by 27.5 cents to $5.63 per $100 of assessed valuation.

The district said the owner of a $175,000 home in Unit 5 would pay approximately an extra $160 next year.

Taxpayers are footing the bill for the district’s decision to sell working cash bonds to fill budget holes.

Property taxes account for almost 65% of revenue the district receives for the education fund. The second largest source of revenue for the education fund comes from the state government, which contributes almost 20%.

The school board is scheduled to take final action on the proposed levy at its December 9 meeting.

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