Illinois Property Taxes

Property Tax Primer

Numerous governmental entities impact the amount of property taxes a landowner pays with each county assessor establishing the value of residential and commercial property in the county, local taxing bodies budgeting the amount of money they need each year, the state setting the annual equalized assessed value for property in each county, and each county clerk using all of this information to calculate the tax rate necessary to obtain the money sought by local taxing bodies and divide the bill among local landowners based on the equalized assessed value of their property.

With property value assessments being a crucial element in the property tax equation, a review of recent activity in Cook County may be helpful...