State Representative Allen Skillicorn 66th District The Tax Cycle - - PowerPoint PPT Presentation
"How Property Taxes Are Derived & Why They Are So High In Illinois"? October 10, 2019 Presented by Warren Dixon Naperville Township Assessor State Representative Allen Skillicorn 66th District The Tax Cycle In Counties
In Counties outside Cook and St Clair: State Legislature makes the laws; Each Taxing Body sets its own levy; Township Assessors develop values; County Supervisor of Assessments equalizes
County Board of Review hears and acts on
County Clerk receives and revises tax levies,
County Treasurer sends out the bills.
Local Township or Multi-Township Assessor County Assessors (Cook and St Clair County) Supervisor of Assessments Local Board of Review PTAB Property Tax Appeal Board
Clerk Calculates Tax Rates
Tentative budget Notice & Hearing
Approve Budget
Levy Notice & Hearing Certify Levy to Clerk Township Assessor Values
SOA Review/ Equalize
Change Notices BOR Hearing Certify Values to Clerk Tax Levies (what governments spend) Tax Rates (where they meet): (Billable EAV ÷ Tax Levy) Treasurer Sends Tax Bills Assessed Values (how spending is divided up)
County, 2.52% Forest Preserve, 2.00% Townships, 1.66% Cities, 9.84% Parks, 5.14% Fire and Others, 5.64%
Schools, 73.20%
1. TAX BASE – “It’s all about the base” 2. Public Education Funding
PIN Address 2014 EAV Level Assmnt 2014 Est. FMV 2013 Taxes Sale Date Sale Price %FMV Est. Tax % of SP 17-16-216-009 233 S. Wacker Dr., Chicago* 133,730,325 25% $534,921,300 $25,291,859 3/15 $1,300,000,000 41% 1.95% 17-09-405-004 17- 09-405-008 300 N. LaSalle St., Chicago 90,000,000 25% $360,000,000 $14,549,975 7/14 $850,000,000 42% 1.71% 17-09-408-012 to 17-09-408-016 353 N. Clark St., Chicago 65,207,291 25% $260,829,164 $11,859,555 12/14 $715,000,000 36% 1.66% 17-16-208-006 311 W. Monroe St., Chicago 3,162,637 25% $12,650,548 $575,204 11/14 $58,000,000 22% 0.99% 17-16-227-024 17- 16-227-025 311 S. Wacker Dr., Chicago 7,998,458 25% $31,993,832 $1,454,717 3/14 $302,000,000 11% 0.48% 17-09-445-007 to 17-09-445-009 17-09-457-009 30 N. LaSalle St., Chicago 15,617,347 25% $62,469,388 $2,846,266 6/14 $237,500,000 26% 1.20% 17-16-212,009-011 55 W. Monroe St., Chicago 22,937,497 25% $91,749,988 $3,461,014 9/14 $243,250,000 38% 1.42% 17-09-342-002-005 500 W. Madison St., Chicago 57,044,892 25% $228,179,568 $10,375,007 12/13 $425,000,000 54% 2.44% 17-09-462-015 70 W. Madison., Chicago 66,812,500 25% $267,250,000 $12,151,502 8/14 $374,600,000 71% 3.24% 17-16-115-003-6001 17- 16-115-003-6031 17-16- 115-004-6001 17-17-110- 059 222 S. Riverside, Chicago 35,848,845 25% $143,395,380 $6,519,997 12/14 $247,000,000 58% 2.64% 17-09-442-001 101 N. Wacker Dr., Chicago 15,906,713 25% $63,626,852 $2,893,028 8/14 $210,000,000 30% 1.38% 17-16-202-013 17-16-202-014 230 W. Monroe St., Chicago 18,720,524 25% $74,882,096 $1,788,558 7/14 $122,000,000 61% 1.47%
Willis/Sears Tower sales in 03/2015 for $1.3 Billion and is only valued today at $580 million (45% of Sale Price).
300 N. LaSalle Street sales in 07/2014 for $850 Million and is only valued today at $392 million (46% of Sale Price).
353 N. Clark Street sales in 12/2014 for $715 Million and is only valued today at $306 million (43% of Sale Price).
1. TAX BASE – “It’s all about the base” 2. Public Education Funding
TIF (Tax Increment Financing) Impacts Technology Advancements In Mass
Statewide Difference in Assessment
Current Bills Related to Property