In Illinois, taxable property includes only real property such as land, buildings or permanent facilities. Market value has been defined by The Supreme Court as the sale price of real estate as agreed upon between a willing buyer and willing seller, with neither being under duress to buy or sell. Assessment is the basis upon which taxing authorities tax a property. The Illinois Department of Revenue is required by law to calculate a tax equalization factor, often called the multiplier, to achieve uniform property assessment throughout the state.
Once the Department has certified the final equalization factor, the County Clerk applies the factor to the final assessed value determined by the Assessor and modified by the Board of Review. The new value is called equalized assessed value EAV. This value is the final taxable value of the property unless exemptions are applied. Right now the equalization factor for Lake County is 1. Exemptions are available in Lake County, which may lower the property's tax bill.
These are deducted from the property's equalized assessed value to give the property's taxable value. We have no information about whether any exemptions currently apply to this property. Therefore, the taxable value will be equal to the assessed value. Property tax is calculated by multiplying the assessed value with the corresponding tax rates and is an estimate of what an owner not benefiting from any exemptions would pay.
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The tax rates are expressed as dollars per of assessed value , therefore the tax amount is already divided by in order to obtain the correct value. Unfortunately, we use tax rates since values are not available yet. Actual taxes might differ from the figures displayed here due to various abatement and financial assistance programs.
For more information please visit the web pages of Lake County's Assessor and Treasurer or look up this property's current tax situation. Get a free PropertyShark account and your first property report is on us! Capitalize on our data and tools with highly detailed property reports.
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Charlie Mullin, C.I.A.O., Assessor
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Property Lookup Alternatives: 1. This office provides professional help on your real estate assessment and related items. Inequities have become pervasive and the cause is systemic. The appeal process — a vital safeguard for the taxpayer to ensure fair and equitable assessments — is now creating inequities, not curing them. And the final result is an unfair shifting of the tax burden from those who appeal to those who do not.
There has been a crisis in the assessment process in Lake County. The standard being used to determine the accuracy of an individual assessment at the Board of Review level was not the same as the state mandated standard that Assessors are required to use to determine the original assessment. This double standard has become a decided advantage to those filing appeals with the Board of Review.
Taxpayers who file an appeal are receiving reductions in their assessments that those who do not file are not getting. Because assessments distribute the tax burden, the number one concern and responsibility of township assessors is uniformity; uniform assessments distribute the tax burden in a fair and equitable manner.
The inequities created by Board of Review decisions have now produced many situations, throughout Lake County, of homeowners in the same subdivision with very similar properties paying vastly different tax bills.
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