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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

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thornton township high school district 205

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
What do property taxes support?
  • Property taxes support many different taxing entities and are broken into categories on your tax bill
    • Miscellaneous Taxes
      • Mosquito Abatement
      • Metropolitan Water Reclamation District
      • Local Park Districts
    • School Taxes
      • Community College
      • High School District
      • Elementary School District
what do property taxes support continued
What do property taxes support? (continued)
  • Municipality/Township Taxes
    • Library
    • City/Village
    • Mental Health Facility
    • Road and Bridge Fund
    • Municipal General Assistance
    • Local Township
  • Cook County Taxes
    • Forest Preserve District
    • Election Board
    • County
    • County Public Safety
    • County Health Facilities
property tax changes
Property tax changes
  • A law passed by the Illinois Legislature in 2009 raises the first installment tax from 50% to 55% of the prior year’s total tax
  • 10/25 Ordinance – Last year the Cook County Board of Commissioners passed a new law simplifying assessments. Residential property is now assessed at 10% of the market value and commercial or industrial property is assessed at 25% of its market value
property tax changes1
Property tax changes
  • The second installment bills for 2009 were mailed on November 10, 2010, and became due on December 13, 2010.
  • The Illinois Legislature changed the first installment due date for 2011 from March 1st to April 1st. This is a one time change and will revert back to March 1st in following years.
  • The first installment bills for 2010 bills were mailed on January 31, 2011, and are due on April 1st.
who to contact
Who to contact?
  • Problems with Assessment
    • Cook County Assessor – Joseph Berrios
      • www.cookcountyassessor.com
      • (312) 443-7550
      • 118 North Clark Street, Room #320, Chicago, IL, 60602
  • Problems with Calculation
    • Cook County Treasurer – Maria Pappas
      • www.cookcountytreasurer.com
      • (312) 443-5100
      • 118 North Clark Street, Suite 112, Chicago, IL, 60602
who to contact continued
Who to contact? (continued)
  • Problems with State
    • Illinois Department of Revenue
      • www.revenue.state.il.us/localgovernment/propertytax/
      • (800) 732-8866
      • James R. Thompson Center Concourse Level, 100 West Randolph Street, Chicago, IL, 60601
how is a tax bill calculated
How is a tax bill calculated?
  • Once rates have been set, the County Clerk must add up rates which apply to particular areas of the county
  • Different parts of the county are under different combinations of taxing districts
  • Bills are calculated by multiplying the equalized assessed value (EAV) of a property (less exemptions) by the total rate for all of the tax rates applicable to that property
assessed value
Assessed Value

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.

equalized assessed value eav
Equalized Assessed Value (EAV)
  • What is it?
    • The equalized assessed value, or EAV, is the result of applying the state equalization factor to the assessed value of a parcel of property. Tax bills are calculated by multiplying the EAV (after any deductions for homesteads) by the tax rate.
  • Who determines it?
    • The county assessor sets the assessed value, and the equalized assessed value can be calculated from the assessed value and the state equalization factor (set by the State Department of Revenue).
how to calculate an estimated bill
How to calculate an estimated bill

$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

property tax extension limitation law
Property Tax Extension Limitation Law

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).

district 205 s portion of the bill
District 205’s portion of the bill
  • Each year District 205 develops a tentative levy and presents it during the November Board meeting.
  • The tentative levy is developed by reviewing the current budget and estimating the needs of District 205 for the upcoming year.
  • This tentative levy sits on display for at least 20 days before it is up for approval during the December Board meeting.
  • The levy must be filed with the County Clerk on or before the last Tuesday in December each year.
district 205 s 2010 levy
District 205’s 2010 Levy
    • Illinois Municipal Retirement - $600,000
    • Social Security - $600,000
    • Liability Insurance - $500,000
    • Transportation - $6,000,000
    • Education - $35,717,825
    • Building - $9,161,140
    • Working Cash - $832,830
    • Life Safety - $1,000
    • Special Education - $6,662,645
    • Leasing Facilities - $1,000
  • Total - $60,076,440
district 205 s levy
District 205’s Levy

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.

district 205 percentage of the tax bill
District 205 Percentage of the Tax Bill
  • 2009
    • 36.08%
  • 2008
    • 38.96%
  • 2007
    • 39.50%
  • 2006
    • 39.56%
  • 2005
    • 40.09%
  • 2004
    • 37.86%
  • 2003
    • 36.56%
  • 2002
    • 41.74%
  • 2001
    • 42.29%