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What is the tax effect of the two levies on property owners?

April 26, 2017levies owners Property tax

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What is the tax effect of the two levies on property owners?

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If successful the effect of the operating levy for teaching and learning is an annual increase of $123 on a $250,000 home, which is the average home value in Bloomington. However, the operating levy will not be applied to property taxes until the 2009-2010 school year, which is the year in which it takes effect. The capital projects levy for technology, if approved by voters, will result in an annual increase of $62 on the average Bloomington residence beginning in 2008-2009. Combined, the annual increase is $185 for the average home in Bloomington, which takes affect in 2009-2010 when the operating tax levy is applied. Both levies would continue for 10 years and include inflationary adjustments. Without an inflationary factor, the value of referendum funding would shrink each year.