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Controller says circuit-breaker caps may cost Bloomington about $1.3 million next year
Summary
Controller Jackie McCombs reported new circuit-breaker (tax-cap) estimates from DLGF that represent roughly a $1.3 million loss to the city — about a 7% increase compared with 2026 — and explained how declining assessed value increases circuit-breaker losses.
City Controller Jackie McCombs told the committee that newly released circuit-breaker estimates from the Department of Local Government and Finance show an approximate $1,300,000 hit to Bloomington compared with 2026.
"The key piece of information here is the $20.27 estimate from the DLGF...and what we're seeing is a hit of 1,300,000 from the circuit breaker," McCombs said, noting the tax caps increased by about 7% in the latest estimate. She explained the mechanism: when net assessed value declines, property-tax rates rise for the same revenue need, pushing more taxpayers over the circuit-breaker cap and increasing tax-cap losses for the city.
McCombs characterized the developments as "late breaking news" and said staff would continue to provide updated figures as DLGF and other state reports are finalized.
