Caterpillar wants to lower property taxes

PEORIA — Caterpillar Inc. is asking Illinois' property tax appeals board to reverse decisions by Peoria and Tazewell counties and lower the value of the Fortune 500 company's local properties by $28 million.

The Journal-Star newspaper in Peoria reports (http://bit.ly/obkT5h ) that the counties last year declined the request by Peoria-based Caterpillar.

The company believes the assessed values of 18 properties in the two counties as well as sites in Decatur and Oswego should be lower. Caterpillar spokesman Jim Dugan says the requests were based on regular reviews conducted by the company.

Lower assessed values would mean less revenue for local entities such as school districts.