Heartland Community College proposes tax rate decrease in 2023 levy
Heartland Community College will consider a $30.1 million property tax levy that’s expected to slightly decrease the tax rate.
The vote by the Heartland Board of Trustees will follow a public hearing that’s scheduled for the board’s regular monthly meeting on Tuesday at Heartland's Community Commons Building.
The levy would increase 6.7% over the current levy but takes advantage of a 7.5% increase in taxable land values across its district, which includes parts of McLean, DeWitt, Ford, Livingston, Logan and Tazewell counties.
The district projects a tax rate of $0.57466 per $100 assessed valuation. The rate would drop an estimated 0.5%. That would equate to less than $3 drop in the tax bill for the owner of a $165,000 home.
Many homeowners may still end up paying more because their properties have been reassessed at higher values due to an increase in market demand.
Trustees are also expected to approve issuing $12.75 million in bonds. College officials say the borrowing is intended to pay for new equipment for Heartland’s IT network, along with a new boiler and other maintenance needs.