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Assessor warns of continued assessment increases in 2025; investors, exemptions complicate picture
Summary
The assessor reported continuing upward adjustments to property assessments for 2025 and explained how investor purchases, homestead exemptions and timing affect valuation trends and the public’s visibility into uses such as short‑term rentals.
Bloomington’s assessor told council on Monday that assessment work for 2025 shows continued upward adjustments and that, depending on neighborhood and property type, some areas are seeing increases of about 10 percent.
The assessor said changes reflect sale prices and market activity and that the county sometimes applies a multiplier to the city. "We're seeing strong adjustments again in the on our adjustments on assessments for 2025," the assessor said, adding that some neighborhoods have seen roughly 10 percent increases while others remain flat.
Council members asked whether investor purchases or short‑term rentals (Airbnb) were a visible driver of assessment increases. The assessor said the office appraises properties by physical characteristics — for example, a two‑story, 2,000‑square‑foot house — and that unless an owner claims an owner‑occupied homestead exemption or other data flags a property, the assessor’s office typically does not have direct visibility into whether a property is used as an Airbnb. The assessor said reductions in assessment value require multi‑year trends and that it takes about three years of downward market movement to change assessments downwards.
The assessor encouraged neighbors to contact the county if they believe an exemption has been improperly applied, which would affect tax liabilities.
Why it matters
Assessment changes affect property tax bills and neighborhood perceptions of market change. Staff cautioned that the assessor’s office and the county do not automatically know every change of occupancy type (such as short‑term rental use) unless exemptions or other evidence trigger a review.
Details
- Range of change: assessor cited some neighborhoods with roughly 10 percent increases; county projection cited about 10 percent overall as a possible target. - Timing: assessor said declining values generally show in assessments only after multi‑year trends (about three years). - Exemptions: owner‑occupied homestead exemptions reduce tax liabilities; residents should notify county if they suspect improper exemption claims.
Action
No formal action was required; the assessor’s report was accepted as an informational update.
Ending
The assessor will continue assessment work; council members asked staff and county offices to follow up on specific neighborhood concerns and exemption enforcement where appropriate.
