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Bloomington estimates $1.4M increase in tax revenue for 2023

Bloomington City Council meeting
City of Bloomington/Zoom
Bloomington finance director Scott Rathbun addresses the city council as Bloomington Public Library director Jeanne Hamilton and Julian Westerhout, president of the library's board of trustees look on.

The Bloomington City Council Monday night approved a tax levy estimate for next year that includes an additional $1.4 million of revenue over last year. The funds are earmarked for police and firefighter pensions.

Though revenue is projected to increase, it is not due to a change in the city’s property tax rate that is estimated to be 1.0842 per $100 equalized assessed valuation (EAV). Instead, the additional revenue will come from an overall increase in the aggregate EAV of property in the city and township.

The EAV is about one third of a property’s fair market value, so the increase in the aggregate EAV this year is due, in part, to high demand in real estate driven by economic and population growth and in part to inflation.

Bloomington's estimated $1.4 million increase in tax revenue is earmarked for police and fire pensions
City of Bloomington
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City of Bloomington
Bloomington's estimated $1.4 million increase in tax revenue is earmarked for police and fire pensions

Bloomington director of finance Scott Rathbun said that he did not know the magnitude to which each of these factors influenced the increase in EAV.

Council members Grant Walch of Ward 1, Nick Becker of Ward 5, and Sheila Montney of Ward 3 took issue with the decision to keep the tax rate the same in the face of inflation.

“Yes, we’re not raising taxes, but in reality we are. We are raising taxes with this proposal, because unless I go and sell my home, I have an unrealized gain,” Walch said.

Rathbun said only those who had their property reassessed at a higher value would be paying more in taxes.

The council ultimately voted to approve the estimated levy, with Walch, Becker, and Montney all voting "no."

According to the Illinois Property Tax Code, if there is an increase in taxes levied of 5% or more, a public hearing and a public notice must take place, so a public hearing will be held during the Dec. 5 city council meeting.

A vote on final adoption of the levy is scheduled for Dec. 12.

Philip Walker is a correspondent for WGLT. He joined the station in 2022.
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