Urbana Property Tax Rates To Increase In May - Wandtv.com, NewsCenter17, StormCenter17, Central Illinois News-

Urbana Property Tax Rates To Increase In May

Posted:
URBANA - Property taxes in Urbana are about to jump by an average of 10 percent.  This increase is caused by legislation that was approved in 2012, which allows not-for-profit hospitals a property tax exemption equal to the value of the charity care that hospital provides.  

In 2012, Urbana-based Carle Foundation reported that it provided $35 million in free or discounted health care.  The new law means a sizeable loss of revenue for the city, and that deficit will have to be made up by the remaining taxpayers.  The increase in taxes aren't felt evenly between Champaign and Urbana, however.  Urbana's tax rate is $10.46 for every $100 of assessed value, while Champaign's is only $8.34.  

This tax rate hike has caused some concern for city officials.  A bill was sponsored by Representative Naomi Jakobson in May 2013 that would prevent a hospital's tax exemption from disproportionately affecting a community, but remains stuck in the House rules committee.  The increased taxes will be applied starting in May 2014.

Powered by WorldNow

904 South Side Drive
Decatur, IL 62521
Primary Phone: 217-424-2500
Primary Email: news@wandtv.com

All content © Copyright 2000 - 2014, WorldNow and WAND. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms