![]() ![]() Once the County has received all levy requests, it determines the rate that must be applied in order for the unit of local government to receive its requested levy. The extension is a determination of the property tax rate. The levy is the official request from a unit of local government for the funds it determines it requires from the property tax. In 2022, the state equalization factor was 3.0027. In order to ensure that the equalized assessed value of all properties is equal to 33.33% of the market value, the Illinois Department of Revenue may apply an equalization factor to the EAV as determined by the assessor. The equalized assessed value should be approximately 33.33% of the total market value in a given area. This determination is conducted by the Cook County Assessor's Office.įrom the assessment, the township assessor determines the equalized assessed value (EAV). The assessment determines the fair market value of the property. One common question regarding property taxes concerns how are property taxes calculated? The calculation of property taxes is a multistep process that involves four distinct areas: However, Elk Grove Village continues to retain the lowest combined property tax rate in the northwest suburbs. As separate, independent units of government, the Village has no control over the other components of a resident’s property tax bill. For property taxes due in 2021, Elk Grove Village accounted for approximately 10% of the overall property bill. The Village of Elk Grove is one of approximately 10 units of local government that comprise the typical resident’s overall property tax bill. Property taxes are utilized by multiple units of local government for revenue.
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