Scales of Justice, Gavel and Flag

Calculating Property Taxes (Non-Cook County)

 

The  first step in calculating property tax is to assess property.  To do  this, the Township Assessor determines the market value of the property -  how much a parcel would sell for if it were on the open market.  Once  market value is established, the Township Assessor multiplies the market  value by the assessment level (assessment level in DuPage County for  all property classifications, as in most of Illinois, is 33 1/3%.  In  Cook County commercial and industrial property is assessed at 25%.  For  example, in DuPage County, if the property market value is $60,000, the  assessed valuation of it would be $19,998 (33 1/3% of $60,000).   Property taxes levied by county, city, township or village officials are  based on this figure.  The local tax rate is determined by comparing  the tax base of each taxing district with the budget of that district.


A  tax bill is computed in the following manner:  First, the assessed  valuation is multiplied by a state-assigned multiplier.  In Illinois and  DuPage County (non-Cook County) this multiplier is typically 1.0.   Next, any exemptions are subtracted.  The resultant figure is multiplied  by the local tax rate yielding the amount of tax the property owner  will pay.

Average Tax Rates by County

Commercial / Industrial

  • Cook 6.28 %
  • DuPage 5.62 %
  • Kane 7.12 %
  • Lake 7.03 %
  • McHenry 7.11 %
  • Will 7.26 %







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