By: Diane Benjamin
Tonight on the agenda for the Normal Town Council is reauthorizing the lease of 104 W North Street to Dan Brady for $1 per year and FREE to Rodney Davis. This note is included on PDF page 63: http://normal.org/ArchiveCenter/ViewFile/Item/2273
If Normal actually read the law, they might find it is illegal to rent property for less than the going rate – even if it is rented to other government officials. Taxpayers should receive the fair market value from THEIR property.
Maybe the property is only worth $1 per year, but that doesn’t explain the property taxes on it. Obviously the Town of Normal owns the building. PDF page 74 shows the property PIN Number:
Look at the taxing bodies on the 2015 tax bill below. It shows $4,966.60 as income to Normal’s Uptown TIF.
The problem is that TIF’s generate income with INCREASING property values.
2001 shows ZERO tax with no owner listed
2002 shows Zero tax with no owner listed
2003 is when the Downtown Redevelopment TIF started.
In 2003 this property has an owner listed with property taxes of $1,934.37. Tonight’s documentation shows the Town bought it in 2003, the County shows 2006.
From 2007 – 2012 the property was listed as EXEMPT. Suddenly in 2013 the County shows this property as taxable with taxes of $7074.10.
The second floor is vacant according to the information for tonight, virtually nothing has been done to raise the value of the part being rented for $1 per year.
So why did Normal suddenly decide to make the property taxable and almost quadruple the property tax?
The only reason I can see is to get money for the TIF. Normal owes millions of dollars for Uptown that is supposedly paid with TIF income.
The bottom line is Normal is paying property taxes of $7206 a year on a building they earn $1 a year on.
Sounds like a campaign issue. More investigation is needed.