From the Bloomington Herald-Tribune:
Bloomington homeowners may see a small increase in their tax bills for 2013 as the city seeks to generate an additional $750,000 or so a year for capital improvements.
The Bloomington City Council took the first step toward a slight increase in property taxes by reauthorizing the Cumulative Capital Development Fund in a 6-0 vote earlier this month, a move that potentially will allow it to vote at budget time to nearly double the amount of property taxes it collects in that fund. If the council approves the change at that time, the tax rate for the fund would rise from 2.7 cents per $100 of net assessed value to 5 cents per $100 of net assessed value.
The change would cost a homeowner whose home has a net assessed value — assessed value minus deductions such as the homestead credit — of $100,000 an additional amount of roughly $23 a year if approved, according to city Controller Mike Trexler. That’s a tiny fraction of the total property tax bill for most city homeowners.
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If implemented, the tax increase would raise roughly an additional $750,000 a year, Trexler said.
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See the full article here:
http://www.heraldtimesonline.com/stories/2012/07/15/news.council-reactivates-fund-seeks-to-raise-property-tax-rate.sto
