Property-tax levy put at $20 million in Champaign
CHAMPAIGN – A tax levy intended to maintain a property-tax rate for the city of Champaign was presented to council members Tuesday in a public hearing.
Finance Director Richard Schnuer said the formal adoption of the levy will come in December.
He said the property-tax levy of a little more than $20 million is based on a target property tax rate of $1.2942 per $100 of assessed value.
The finance staff is using a "most likely" projection that the assessed value will increase by 3.48 percent, Schnuer said. Staff also expects 2.9 percent of the increase will come from annexations, new construction or additions to existing buildings, while only 0.58 percent will come from increases in the value of existing properties, he said.
That would produce $20.5 million in property-tax revenues, giving the city council some flexibility to address any revenue shortfalls, he said. Tax revenue extended for Champaign property taxes this year were $19.8 million.
Schnuer said an 0.58 percent increase in assessed value for a $150,000 home would be an increase of $3.75 for the city's share of the property-tax bill, which represents about 18 percent of the total tax bill for most homes.
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