Urbana council to act formally on property tax levy
URBANA — Council members next week could formalize their intention to keep the 2011 property tax rate flat.
The council will meet at 7 p.m. Monday in the Urbana City Building, 400 S. Vine St.
At its last meeting, the city council informally supported a tax rate of $1.2942 per $100 of assessed value, which is identical to last year's rate for both the cities of Urbana and Champaign.
That would only apply to the city property tax, which accounts for roughly 15 percent of what a homeowner pays annually. Separate agencies like the school and park districts independently levy their own rates, which are aggregated in the total bill.
City Comptroller Ron Eldridge expects homeowners in Urbana to owe 0.3 percent less to the city when they pay their taxes next year. That represents the average decrease in home values throughout the city.
For the owner of a $175,000 home, on average, that would translate into a $2 decrease on next year's bill.
City officials expect to collect 0.7 percent more in property taxes next year, however, as new construction has raised the city's total property value by 1 percent.