A new tax levy has homeowners in Bloomington asking questions about their property taxes.
Monday night city leaders approved a tax levy of $25.15 million. $20.28 million dollars would go toward the city and $4.87 million to the library.
The levies are expected to yield a combined tax rate of about $1.4 per $100 equalized assessed valuation, which is down slightly the prior year.
The city’s finance director Scott Rathbun says residents shouldn’t need to worry because despite a slight increase in the adopted money their taxes could remain the same.
“There was a slight increase in the total tax but we’re expecting the tax rate to stay the same as it was the prior year,” said Rathbun.
Rathbun says this is the exact same tax plan that was presented to the council last month. He says so long as the property value projections hold, residents should not have to worry about a spike in taxes.