Quantcast

Property tax rates revealed

tax-rates-091020.jpg

Property tax rate for Evanston and the rest of Cook County were released today by County Clerk David Orr.

The new rates range from a low of 6.485 percent for residents who are not in a park district to a high of 6.871 percent for residents in the Skokie Park District.


Property tax rate for Evanston and the rest of Cook County were released today by County Clerk David Orr.

The new rates range from a low of 6.485 percent for residents who are not in a park district to a high of 6.871 percent for residents in the Skokie Park District.

Those rates represent a decline of less than one percentage point. But actual tax bills will go up or down based on changes in the county assessor’s valuation of the property.

tax-rates-091020.jpg
Tax rates by taxing body.

Most local taxpayers will likely see a significant increase in property taxes, because this year’s tax bills are based on assessments from a time when property values were still rising.

Hypothetically today’s the rate information would let a taxpayer calculate their tax bill for the 2008 tax year that will be payable later this year. But the calculation requires knowing the amount of your homeowner’s exemption, which could range from $5,500 to $26,000.

tax-bill-calculation-091020.jpg
Formula to calculate a tax bill.

Taxpayers were required to make a first installment payment of their 2008 taxes back in March, which was estimated as half of the previous year’s bill.

The second installment payment will be due Dec. 1. Those bills are expected to arrive within the next couple of weeks.

The first installment bill for next year, will be 55 percent of the this year’s entire bill.

That increase was designed to avoid sticker shock when the second installment tax bills arrive, which reflect any increase in rates from year to year. But it will place an extra burden on taxpayers when it is first implemented.

Editors’ Picks