Normal approves property tax increase, bond refinancing

Posted on December 19, 2016

By Adam Studzinski

NORMAL – The Normal Town Council on Monday unanimously approved a 1.98 percent property tax rate increase.

The increase means the owner of a $165,000 home will pay about $13 more next year.

Councilwoman Cheryl Gaines said they do not make these types of decisions flippantly.

“We do do this based on facts and figures,” said Gaines. “And we do know the facts and figures. We do look at the numbers.”

The new revenue will be put toward funding police and fire pensions. Councilman Jeff Fritzen said the town chooses to fund its pensions through property taxes for a reason.

“We’re protective of other revenue sources because that’s how we operate,” Fritzen said.

Additionally on Monday, the council gave its approval to refinancing a $23.5 million bond, which is likely to save about $2.2 million.

Adam Studzinski can be reached at [email protected].

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