NORMAL, Ill. (WMBD) — Wednesday night, Unit 5 school leaders proposed its annual tax levy for the next school year.
The $139 million levy is a 5% increase from last year’s and it’s mainly due to an increase in the value of properties.
Unit 5 assumes an 8% increase of the district’s equalized assessed value (EAV) of existing property and a 1% increase of the district’s EAV on new construction of homes and businesses.
Finance Director Marty Hickman said due to this, Unit 5 expects a 10-13% decrease in the overall tax rate, however, it may not affect taxpayers.
“That doesn’t mean necessarily that someone’s taxes are going to go down, even though the rates are down. It just depends on the value of their home or business and whether or not that increased this year and if so, then how much,” Hickman said.
EAV is not a number calculated by Unit 5, rather it is calculated by either McLean or Woodford County.
Property taxes from EAV make up more than half of the district’s budget.
The board will vote on this levy on Dec. 14.