Mayor Ryan "Todd" Weihofen

what is my tax rate?

As an example and as shown in Table 1, approximately 69% of the property tax in Wauconda Township/Lake County goes to the school district verses approximately 5% that goes to the Village of Lakemoor. Based on the current tax structure, a home valued at $200,000 has an Equalized Assessed Value (EAV) of approximately $66,000, would pay approximately $7,078 in annual property tax. Based on the 2015 tax rates (payable in 2016) the Wauconda School District would receive 69% ($4,917) of the total taxes collected, while the Village of Lakemoor would receive 5% or $320.




How much is the Village's Share of the Property taxes?

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Each taxing body in a county sets their own tax rate. The County Clerk must then add up the rates which apply to particular areas in the county. Different parts of the county are under jurisdiction of different combinations of taxing districts. The County Clerk divides the county into tax code areas, in which all property is subject to the jurisdiction of the same combination of taxing units and thus has the same combination of tax rates. Aggregate rates are computed for each code area. A tax bill is calculated by multiplying the equalized assessed value of a property (less any homestead exemptions) by the aggregate rate for the tax code area in which the property lies.


The aggregate rate seen on a bill will be a combination of a county rate, a township rate, a school district, a municipality rate (if a taxpayer lives within the boundaries of an incorporated municipality), and rates for any special districts, such as fire, sanitary, library, etc., which service the area. In Illinois, the rate is generally expressed in terms of dollars per hundred dollars of equalized assessed valuation (the same as a percent).




$320

  Village Portion

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How is my tax bill calculated?

$7078

 Total Tax Bill

Where does my money go?

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$200,000

  Valued Home 

Tax Bill Terminology?

Below is the 2015 (payable 2016) aggregate tax rate for Lakemoor properties in Lake and McHenry County:


Lake County: 10.724532% to 12.998%
McHenry County: 12.72%

Note: the total tax rate for properties in Lake County vary due to different tax rates associated with the school districts





Fair Cash Value - The amount for which a property can be sold in the due course of business and trade, not under duress, between a willing buyer and a willing seller. 


Assessed Value - The value placed on property for tax purposes and the basis for determining what portion of the overall tax burden each property owner will bear. Equalization Factor or Multiplier - The equalization factor (sometimes called a multiplier) is the tool used to bring all property to a uniform level of assessment.






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Table 2 is an example of how property tax dollars for a similar valued home ($200,523) are itemized based on the tax rates of the various taxing districts in McHenry Township/McHenry County. 




uNDERSTANDING YOUR PROPERTY TAXES 

Equalized Assessed Value (EAV) - 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.


Exemption - The removal of property from the tax base. An exemption may only be a portion of the equalized assessed value, such as a homestead exemption, or for the complete amount of the equalized assessed value, such as a church building used exclusively for religious purposes. 


Tax Rate - The amount of tax due, stated in terms of a percentage of the tax base. (Example: $6.81 per $100 of equalized assessed valuation (equal to 6.81%). You can obtain this percentage by dividing the levy for a fund by the equalized assessed value for the taxing district. Some funds have a maximum statutory tax rate that may not be exceeded. The sum of the fund rates equals the total district rate. 


Taxing District - (amount of taxes collected for each district) - Any unit of local government, school district or community college district with the power to levy property taxes. 


Tax Code - A number used by the county clerk that refers to a specific combination of taxing bodies.