The new tax levy for the Town of Normal is likely to go up nearly 5.8 percent.
But, the increase in property taxes for the owner of a typical home would be about 13-dollars a year.
That assumes the home is valued at 165,000 dollars.
The increase in tax owed is that small because property values are projected to rise.
The Town Council will vote Monday evening on a proposed levy of about $12.2 million.
That’s an increase of about $664,000. The increases come largely in police and fire pension contributions and a 3.5 percent increase for the Normal Public Library. Police and Fire pension contributions are rising about 18 percent and 12 percent, respectively.
Town staff are also asking council members to approve refunding up to 23.5-million-dollars in bonds originally issued in 2007. This is much like a homeowner would refinance a mortgage loan. The bonds come due in 2034 and staff say refinancing the bonds could save $2.25 million in taxpayer money.
