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Unit 5 school district leaders said Wednesday they are disappointed the education fund tax referendum did not pass on Tuesday. Superintendent Kristen Weikle tells WGLT they knew it would be a close vote, but hoped for passage to allow the district to eliminate an $11 million deficit that is growing each year.
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Unit 5 school district leaders said Wednesday they are disappointed the education fund tax referendum did not pass on Tuesday. Superintendent Kristen Weikle tells WGLT they knew it would be a close vote, but hoped for passage to allow the district to eliminate an $11 million deficit that is growing each year.
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Normal Mayor Chris Koos said the town is keeping a flat property tax levy and reducing the tax rate because elected officials don't want to contribute to a rise in the overall tax rate homeowners pay — and he thinks the levy will stay flat even if required pension payments rise.
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Normal is calling for a flat property tax levy, just shy of $13.4 million — but with a twist: Leaders say the town also proposes slightly decreasing the 2022 property tax rate by about 10 cents.
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The central argument for a Unit 5 education fund referendum is that district revenue has not kept pace with costs since the last referendum in 2008, that the district has, in effect, squeezed all the blood it can out of the existing turnip by tightening its belt and using resources efficiently and needs help. The numbers support the case.
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Property assessments are used to figure how much property tax home and other property owners must pay. The assessment is supposed to be about a third of the market value. As most people probably know by now, sale prices of homes are going way up in central Illinois.
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After a paltry turnout for a Unit 5-hosted information session on the tax referendum before voters in November, district leaders are hopeful the next two bring more participants. The school district is asking voters to approve an increase in the education fund tax rate, that if approved, could bring in an additional $20.5 million in property tax revenue.
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Unit 5 is asking voters for more taxing authority while promising the total tax rate would fall. The Unit 5 school board has decided to ask voters for $20.5 million more property tax dollars for its education fund. Superintendent Kristen Weikle and district business manager Marty Hickman said Unit 5 would not apply the 88-cent rate increase all at once.
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Bloomington District 87 will end the school year with a deficit, but it won't be nearly as large as first projected.
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McLean County's taxable assessed property value rose by $143 million last year. County treasurer Rebecca McNeil said the growth largely came from the addition of the Bloomington Grove Wind Farm.