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The McLean County Board of Review has reduced the assessed value of Eastland Mall by a couple million dollars — from $8.7 million to $6.7 million. The assessed value is one third of the estimated market value of a property and is used to compute property taxes owed to governmental bodies such as municipalities, townships, and school districts.
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A dispute over the tax value of Eastland Mall in Bloomington suggests school district and local governments are frustrated with inaction by mall owners and with the retail center's decline. That came through in arguments made before the McLean County Board of Review in an appeal of the 36-acre mall's assessed value.
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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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McLean County’s new supervisor of assessments says the hot housing market means more people might have questions about how their homes are being assessed this year.
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UPDATED 3:55 p.m. | McLean County’s Board of Review has partially denied an Eastland Mall owner request to further lower its assessed value, and therefore…
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State Farm essentially gave away its former downtown headquarters to spare a costly demolition after trying to sell the historic building for over a year,…