How Assessed Value Affects Your Tax Bill
Local taxing bodies (such as our schools, parks, libraries) depend on property tax revenues to provide local services. Every year local taxing bodies submit a request for property tax funds, known as the “levy”. Local governmental entities hold public hearings in the fall of each year and pass a Levy Ordinance.
The combined “levies” create the tax burden, while assessments simply divide up that tax burden in an equitable way.
To understand how a tax bill is derived, look first at the basic tax rate formula:
LEVY/ASSESSED VALUE = TAX RATE
LEVY is the amount of tax dollars that local taxing bodies request.
ASSESSED VALUE is the total of the assessment in the township.
TAX RATE is the result of dividing the LEVY by the ASSESSED VALUE.
Levies change from year to year as units of local government needs change for program and facility operations. Assessments do not create the tax burden and they do not change the tax burden; assessments only distribute the tax burden that is created by the levies.
Tax Bills for all property parcels are available on-line at the Lake County Treasurer’s website: https://www.lakecountyil.gov//508/Current-Payment-Status
If you have questions about the tax bill or payments please contact the Lake County Treasurer’s Office, (847) 377-2323 or www.lakecountyil.gov/treasurer/pages/default.aspx.