The County has extended the City of Champaign’s 2011 property tax levy of $19,955,632, which property owners will pay this year. The County determined that the Equalized Assessed Valuation (EAV) of taxable property is $1,525,193,507. In the fall, based on an estimate provided by Champaign County, the City projected a 2011 EAV of $1,510,800,000, which represented a 2.02% decrease from the previous year’s EAV. Council directed staff to maintain the 2010 levy year dollar amount, which was anticipated to result in a tax rate of $1.3209 compared to the 2010 levy rate of $1.2942.
Since the 2011 EAV came in slightly higher than projections, the 2011 tax rate was lower than staff had projected, at $1.3084. The final 2011 EAV decreased 1% instead of the estimated 2%. Urbana’s extended 2011 EAV declined 1.88%, resulting in a final tax rate of 1.3190, slightly higher than Champaign’s.