Property Tax Settlements Becoming the ‘New Normal’ for Large Property Owners
The 'New Normal' Appeal, Reduce, Recycle
Large property owners are setting a precedent for fighting property tax bills
Earlier this month, the Normal Town Council approved a Property Tax Settlement with First Site Apartments. After concerns were raised about this becoming the ‘new normal’ between property owners and their taxing bodies, yet another property owner, Young America, has reached a settlement.
Why this matters: The First Site settlement was recommended by Unit 5 School District Attorney Curt Richardson. If the district is unable to continue funding and fighting appeals from property owners, the estimated revenue from new developments may continue to sit significantly below their originally assessed values.
What Happened: Young America Realty has reached a settlement with taxing bodies just 11 days after the Town of Normal approved the deal with First Site. (Heartland Community College’s Board has yet to approve the deal.) The settlement cuts the increase in Young America's tax bill by nearly 50% and reduces the original expected revenue for taxing bodies by $950,000.
What’s Next: Heartland Community College’s board has yet to approve the deal. After the board approves the deal, they will then need approval from the Normal Town Council in January. The appeals are time-consuming and costly for the district, so reaching settlements-- rather than fighting it in court--is a way to avoid long-term legal battles.