BLOOMINGTON, Ill. — Eastland Mall in Bloomington is now worth less than it once was.
Mclean County’s board of reviews just lowered the assessed value, this after mall owners requested a second look. The original value set at $40 million is now $32 million, meaning CBL properties will pay less in taxes.
“You pay what you anticipate in future gains from the building, a revenue stream, so you pay the present value of that anticipated future income,” said Supervisor of Assessments in Mclean County, Robert Kahman.
In the past two years, the mall lost four of its five anchor stores, leaving Kohl’s the only one standing.
According to Kahman, owners say it’s tough to pay high bills when they’re seeing vacancies and falling rent revenue.
“These properties are called income properties meaning that the reason you own them is that they generate rental income if you don’t have tenants you don’t have rent if you don’t have rent the building is worth less,” said Kahman.
Many organizations in town benefit from the mall. District 87, The City of Bloomington and Heartland are some of the entities that get some of its tax revenue.
“There is a lot of money being generated by this thing and it’s going to go down a bit but that 40 million market value to 32 is not as catastrophic as it may seem,” said Kahman.
CBL properties still think the assessment is $11 million dollars too high.
It is unclear if they will make an appeal at the state level.