Thornton Township High School District 205. Understanding Your Property Tax Bill Tuesday, February 22, 2011, 6:00pm Thornton Room T-107 . What do property taxes support?. Property taxes support many different taxing entities and are broken into categories on your tax bill Miscellaneous Taxes
Understanding Your Property Tax Bill
Tuesday, February 22, 2011, 6:00pm
Thornton Room T-107
Because of its size, Cook County reviews the assessed value of property once every three years, on a tri-annual basis. The 2011 property taxes are based on the 2010 assessed value of property, which was determined by the Cook County Assessors Office during 2008.
$100,000 Estimated Market Value
x .10 Assessment Level (10%)
$10,000 Proposed Assessed Valuation
x 3.3701 2009 State Equalization Factor
$33,701 Equalized Assessed Value
- $5,500 Homeowner Exemption
$28,201 Adjusted Equalized Value
x .15 Sample Tax Rate
$4,230 Estimated Tax Bill in Dollars
In 1994 the property tax extension limitation law was extended to Cook County. This law limited the increase in property taxes to the lesser of 5% of the previous year’s extension or the increase in the consumer price index. For the 2011 tax year the consumer price index increase was 2.7%, which results in a maximum increase in taxes for District 205 for 2011 of $1,544,970 (excluding any newly developed property).
Although District 205 requested a 4.99% increase from the prior year extension, the maximum that the District will receive is a 2.7% increase over the previous year collections. The county treasurer will reduce the amount requested so that it does not exceed a 2.7% increase.
If the amount of taxpayers who do not pay their tax bill in 2011 exceeds the amount from 2010 by more than $1,544,970 District 205 will receive less in property tax dollars in 2011 than were received in 2010.