2005 Annual Report - City of Bloomington - Real Estate Assessment Statistics and Trends

The City of Bloomington Township Assessor, Mike Ireland, CAE has posted the 2005 Annual Report to the township's web stite - http://www.Assessor-Blm.com . A Summary of Changes for the 2005 Assessment Year:

• Changes were made to 2,089 property assessments.
• There were 679 new residential homes added, and 48 new commercial structures.
• 18 properties were demolished or destroyed by fire.
• Property maintenance and valuation was completed on 5,340 parcels in Bloomington, Dale, Dry Grove, Old Town and Towanda Township as per the 2001 litigation agreement with those townships.

The aggregate of these changes resulted in a net increase of $53,898,774 to the tax base. Over $51.5 million in new residential and commercial construction were added to the tax rolls. Equalization of existing residential and commercial property added another ($45.2 million) . Click here for the full report.

"Changes in the lending rates have slowed the real estate market slightly. Yet new job growth and strong new home starts continue to drive the local market prices. Rental properties are starting to recover from a 2 year cycle of high vacancy rates but still have a ways to go. These kinds of changes in the market require that we evaluate the accuracy and equity of assessments constantly. Collecting new property data, valuing new and existing parcels, notifying owners about changes in their values are all part of the ongoing assessment function each and every year."

Appraisal , Real Estate , Appraiser , Bloomington , Illinois , Realtor