Cook County Releases 2010 Property Tax Rates

Property tax rates for the northern suburbs were released last Thursday by the Cook County Clerk's Office.

The 2010 rates for all taxing districts within New Trier Township have risen. Although individuals can expect an increase in their property tax bills, just how much is hard to determine.

"It's very difficult to make blanket statements, even within municipalities," Bill Vaselopulos, manager of the Clerk's Tax Extension Department, said at a press conference.

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Yet an understanding of how property tax rates and individual tax bills are calculated can make things less confusing.

Last December, tax levies were submitted to the Clerk's Office by different taxing districts, such as county, township as well as school and park districts. Essentially, a levy is a request from each district for a certain amount of money from taxpayers.

The Clerk's Office calculates new property tax rates for each district according to these requests. This is done by allocating the full amount of the levy among properties according to their Equalized Assessment Value (EAV).

A property's EAV is determined by applying a "state equalizer" to all assessed values. This number ensures that assessment levels are the same throughout counties- specifically, 33 1/3 percent of the market value of a home.

Individual tax bills are then determined by adding the tax rates of all districts a property falls under. Because each home may reside in a different combination of taxing districts, it is hard to predict what the average property tax bill will look like for someone living in New Trier Township.

All Cook County residents, for example, can expect an additional three cents on their property tax bill for every $100 of their EAV, assuming their home's assessment value has remained the same. Residents in will pay a higher amount as well.

Yet Wilmette residents, on top of those Cook County and New Trier Township tax rates, will be paying an additional nine cents for every $100, while residents will pay an extra 14 cents.

To be clear, these numbers apply so long as a property's assessment value has not changed since last year.

Some taxing districts are also exempt from laws that limit the amount of money they can levy.

"One example is referendums, going to voters for more money than they would otherwise be entitled to," Vaselopulos said about one way of skirting the limit.

is one of seven such Cook County taxing bodies. District 39 successfully won approval for a referendum during the April 5 balloting, which will result in a property tax hike of about $2.31 for every $100 of a home's EAV, up from about $1.72.

"They will see their bills jump up a little on the line item of their bills, but they were approved by the voters," Vaselopulos said.

Reassessed property values and homeowner exemptions, which will be phased out in the next couple of years, are two factors that can also alter a new tax bill.

According to the Cook County Treasurer's Office, the first week of November is the tentative due date for the second installment of 2010 property taxes.

Stay tuned to more on the 2010 property tax figures. Like your local Patch on Facebook to join the conversation.

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