State Farm Insurance thinks it’s paying too much in property taxes in its hometown of Bloomington, Ill. If the company is right it could cost local schools and government millions of dollars.
The Bloomington-based insurer says the assessed value of its headquarters and another office is $84 million higher than it should be. That’s 2 percent of McLean County’s $3.93 billion tax base.
State Farm paid about $10.25 million on the properties in 2008. If their value is reduced by the full amount, the bill would be $6.5 million less for 2009.
Local schools and McLean County government would lose that money.
State Farm spokesman Phil Supple says the company and county are looking for a resolution that’s fair to both the company and the county.
Information from: The Pantagraph, http://www.pantagraph.com
Topics Property
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