The proposed tax levy for the town of Normal could lower the property tax rate by about 1 percent. Town staff have suggested the dollar value of the levy stay the same from last year at nearly $13 million.
The rate decrease would lower the town portion of the tax bill for the owner of a $165,000 home by $7.50.
Staff said in a report to the council that the town needs less money for the Illinois Municipal Retirement Fund, Social Security, and Medicare this year because of cuts in the number of workers. Documents indicate the demand to fund the fire and police pension funds continues to have upward pressure on the tax rate, save for the temporary effect of the staff cuts. The town remains on pace to fully fund the pensions by 2040.
The tax rate numbers depend on an estimated 1 percent increase in the total assessed property value in the town.
The council is set to take up the levy for the town and library Monday and will make final approval in December.
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