Apartments in Normal seeing increase in property taxes

NORMAL, Ill - Young America Realty owns multi family properties in Normal and the company is getting hit with a 20% increase in property taxes on several of its buildings.

This comes after the town reassessed the value of those properties. Young America originally appealed the reassessment but later reached an agreement with Unit Five Schools after much discussion.

Normal City Manager Mark Peterson said, “Young America voluntarily agreed to increase the property tax assessment by 20% this of course resulted in a huge potential increase in revenue to a number of the taxing bodies including the school district.”

No word on if this will translate into an increase in rent for residents.


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