Homeowners in McLean County’s Unit 5 will see an increase in property taxes.
Wednesday night, Unit 5 adopted a tax levy of about $121 million. The new levy is a 9.21% increase from the previous one.
The district says this increase is primarily due the sale of working cash bonds to cover a budget shortfall earlier this year.
Board leaders estimate someone whose home is worth $175,000 would see an annual increase of approximately $199.62 dollars in property taxes.
The projected tax rate is the largest increase in recent years but homeowners in the district say they understand the need.
“I think its necessary and im glad we did it,” said Unit 5 resident, Lance Lippert. “I’m always hesitant to pay higher taxes but if you want quality education… whatever that costs as a community member we have to be a part of that.”
The education fund makes up the majority of the levy. That fund pays teacher salaries and other operating expenses for all unit 5 students.
“The taxes are already plenty high,” said Unit 5 resident, Joseph Blaney. “But anytime there is a chance to increase education funding I say go for it.”
Board members say the bonds will be in place for two years and then drop off the tax roll.