By Howard Packowitz

BLOOMINGTON – Property owners in District 87 might see a modest decline in their tax bills next year, assuming there’s a boost in taxable land values.

School system administrators acknowledge they are overly optimistic in their growth projections to make sure the district captures all available tax dollars. Property taxes account for almost 63 percent of total district revenue.

The school system’s chief financial officer, Colin Manahan, presented to the school board Wednesday night a proposed tax levy in which the district would collect almost $44.5 million dollars next year, based on a three percent increase in taxable land values. That’s better than the McLean County Assessor’s projection for a one percent gain.

The district sees its tax rate dropping three cents to $5.12 per $100 of assessed valuation, although Manahan declined to speculate how that would impact individual tax bills because he said there are too many unknown variables right now.

There’s some reason for optimism about growth due to the massive expansion at Westminster Village, redevelopment of the old State Farm Headquarters in Downtown Bloomington, and the opening of the upscale restaurant and bar called Rob Dob’s on North Hershey Road.

However, Manahan is also watching the still-struggling Eastland Mall, which he said is “one of the most visible corners in the State of Illinois, outside of Chicago and St. Louis.”

“We want the people that own Eastland Mall to turn things around, to redevelop, to invigorate the area, bring in whatever to stimulate that area because right now we all know what’s going on,” Manahan said.

The school board will be asked to adopt the tax levy after a December 11 public hearing.

Howard Packowitz can be reached at [email protected]