Cook County Clerk David Orr this afternoon released tax rates for Evanston and other communities around the county.

With that information plus the current market value of your home as estimated by the county assessor, you can get at least a ballpark estimate of what your tax bill will be when it arrives later this month.

Cook County Clerk David Orr this afternoon released tax rates for Evanston and other communities around the county.

With that information plus the current market value of your home as estimated by the county assessor, you can get at least a ballpark estimate of what your tax bill will be when it arrives later this month.

For a typical Evanston home that’s not in any of the separate park districts, the new tax rate is 6.136 percent, down from 6.485 percent the previous year. Detailed information on the tax rates is available online.

Here’s how to figure your own tax bill, as explained by the county clerk’s office.

  • Start by going to the county assessor’s website. Enter your home’s address in the “Search by Address” section and note the “Estimated 2009 market value.”
  • Multiply that number by 10 percent to get the assessed valuation.
  • Multiply the assessed valuation by the state equalization factor, 3.3701, to get the equalized assessed valuation before any exemptions.
  • If you live in your own home, you qualify for a homeowner’s exemption which this year can range from $6,000 to $20,000. Subtract that amount from the equalized assessed valuation.
  • Multiply that number by the tax rate, 6.136 percent for most Evanstonians, to get the likely amount of your tax bill.

Bill Smith is the editor and publisher of Evanston Now.

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11 Comments

  1. Is the formula for a full year tax bill?

    Is the # i get for my full year or just the 2nd installment?

    1. Full year

       … you need to subtract what you paid for the first installment to figure out what your second installment bill will be.

      — Bill

  2. What determines the homeowner’s exemption amount?

    This formula is not very useful without knowing the amount of the homeowner’s exemption, which according to the assessor,  "can range from $6,000 to $20,000".  How can I figure out the amount of the exemption that I will be entitled to?

     

    1. Good question

       … I’ve asked the folks at the clerk’s office how a person might do that.

      — Bill

  3. homeowner’s exemption calculation

    The exemption amount is currently 7%.

    Here is an example of a home with an assessed value of $200,000.

     

    • Assessed value   (2009)                                         $200,000.00
    • Times 10%  =            
    • assessed valuation                                                 $20,000.00
    • TImes 3.3701 = (State equalization factor)
    • equalized assesed value     (EA                              $67,402.00
    • Times 7% = (homeowner’s exemption 2010)          ($4,718.14)
    •  Subtract exemption amount from ESA                   $62,683.86 (taxable amount)
    • Times tax rate of 6.136% =
    • Total Tax bill for 2009                                               $3,846.28

    The first installment. paid in March(ish) of 2010 was 50% of the previous years full tax amount.  For this example we will say the tax bill was $3,500.  So $1,750 (50%) was paid in the first installment.  The remainder, $2,096.28 is the amount of the second installment.

     

    Note: the maximum exemption is 7% or $20,000, whichever is lower.

     

    The 7% Alternative Homestead Exemption was scheduled to sunset starting with the 2009 tax year, it has been extended for another three years.

    Hope this helps.

     

    O.Khuri

    Khuri&Zrnich, P.C.

    http://www.kzlegal.com

  4. homeowner exemption

    ATTORNEY is incorrect:

    A.  1st installment equals 55% of previous years tax (new for calender year 2010).

    B.  The 7% is applied to the Equalized assessed value (EAV) of 2006.  7% for 2007, 7% more increase for 2008 and 7% more increase for 2009. The (1.07 x 1.07 x1.07) compounded EAV is subtracted from the current EAV to compute the amount of the Homeowner exemption.  The minimum amount is 6,000 of EAV.  The maximum amount of the exemption is 20,000 of EAV for this year which is down from 26,000 last year (2008 taxes). 

    Nick Pavletic

    Deputy Assessor Evanston Township

      1. 7% and second installment

        7% was extended in May with a drop in the amount of the cap.  20,000 for 2010, 16,000 for 2011 and 12,000 for 2012 for the north and northwest suburbs.  The extension was pushed through the legislature as a response to the candicacy of Forrest Claypool for Cook County Assessor.  Even though he lost, we do have to thank Forrest for this.  

        Your homeowner exemption amount of Equalized assessed value (EAV) can be figured out by dividing the $ amount of your Homeowner exemption by your local tax rate.

        If you want to know thew amount of your secnd installment….go to Cook County Treasrer.com; click the drop down menu for contact us;  click payment status and you will see the amount of the second installment property tax bill as well as what exemptions were applied to it.

    1. Clarification on Homeowner Exemption

      Thanks for the clarification Nicky.

       

      Could this be anymore complicated?

       

      Would you be so kind as to take the example given and calculate the exemption for us? And then follow it through to show the tax bill.

      I, as well as many homeowners, would be interested in seeing how it’s done.  Tell us where to get the correct figure for 2006.

       

      Ettorney

       

       

  5. HELP – Figuring out Exemption

    I agree, figuring out the exemption you are entitled to does not make any sense.  I got the $6000 but not sure why, here are my numbers, can anyone help me figure out why I got the $6000 this year instead of the $26000 that I received last year (I was expecting $20,000 this year but got $6000)

    2009 Property Value: 372,470

    x 10 %

    2009 Assessment Level: 37,247

    X State Equal Factor 3.3701

    2009 EAV: 125,526

    x Local Tax Rate 6.136%

    2009 Total Before Exemptions: $7,702,28

    Homeowner Exemption: $368.16 (Basically 6000 * 6.136% Tax Rate)

    Why is the exemption based on $6000 and not $20000?  Just ridiculous that my tax bill went up from ~$5700 to ~$7300 in one year while property values have declined (or at least not increased).  Anyone that knows how this works, please help.  I am wondering if I can somehow dispute the exemption to get the 20,000 intead of the 6,000?

    Thanks,

    Alex

    1. Expanded (7%) Homeowner Exemption (H/O)

      You must have bought the property recently.  Any sale from 2008 through 2009 would remove the expanded H/O exemption and allow you only the basic H/O exemption.

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