Q: What is the purpose of a Property Assessment?
A: A property assessment is a device used by the state to fairly apportion the property taxes among all property owners to help pay for services provided, such as schools, fire, and police. Illinois uses one third of the fair market value of a property as the ‘assessed value.’
Q: How is my property tax rate calculated?
A: The tax rate is determined by the amount of the tax levy. There are several steps involved in determining the tax levy. First, the taxing jurisdiction (a school district, town, county, etc.) develops and adopts a budget. Revenue from all applicable sources other than the property tax (state aid, sales tax revenue, user fees, etc.) is determined. These revenues are subtracted from the original budget and the remainder becomes the property tax levy. This levy is divided by the total value of all eligible properties within that jurisdiction with the result being the tax rate for that jurisdiction. Your final county property tax rate is the sum of all the individual tax rates of all applicable jurisdictions.
Keep an eye open for more Q & A’s about property assessments and information in future editions of the Sun Day. www.suncpac.org
