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City assessor reports modest overall growth, apartment values decline and legislative changes affecting tax capacity
Summary
City Assessor Tim Bulger presented the 2025 assessment report, saying median single‑family values are up and apartment market values fell overall despite recent new construction; he also outlined legislative changes affecting tax capacity.
Bloomington’s city assessor, Tim Bulger, told the council that the 2025 assessment reflects stable residential values overall, a decline in apartment market values despite recent new apartment construction, and tax‑capacity effects from recent state legislative changes.
Bulger said the city uses a January 2 assessment date and a 12‑month sales study period to model values; value notices were mailed March 7 and the local board of appeal meets the week following the meeting. He reported the city added approximately $128 million in new construction value in the last assessment year — lower than the prior year’s roughly $164…
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