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Controller: SEA 1 exemptions drove a $142 million drop in Bloomington's assessed value
Summary
City Controller Jackie McCombs told the fiscal committee that Bloomington's net assessed value fell by about $142 million from 2026 to 2027, largely because SEA 1 extended exemptions to rental (non-homestead) property owners.
City Controller Jackie McCombs told the fiscal committee that a state change known as SEA 1 reduced Bloomington’s net assessed value by approximately $142,000,000 between 2026 and 2027, mainly because the law expanded property tax deductions to many rental (non-homestead) owners.
"The net assessed value went down by 142,000,000 from 2026 to 2027," McCombs said, and explained that SEA 1 phases in increased exemptions for rental properties (6% in 2026, 12% in 2027, then increasing in subsequent years) and that Bloomington is disproportionately affected because roughly half of its net assessed value is from rental properties.
McCombs said the reduced assessed value will affect property-tax rates and distributions across the city's four taxing townships and recommended that the committee expect continued adjustments as the exemption phases in and as later DLGF distributions become available.
