Lower property values could drop tax rate

Published 10/08 2012 10:02PM

Updated 10/09 2012 09:24AM

URBANA -- The city council will talk about property tax rates at its meeting Monday night. The city comptroller estimates the value of existing properties will drop an average of 1.5%.

But new construction could bring a 1% increase, meaning current homeowners could pay an average of a .5% less in property taxes than last year. Members will decide on a rate in November.

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