Assessor's Office of Normal Township

Assessed Value

Assessed Value x Multiplier

- Exemptions

x Tax Rate

= Your Tax Bill

The Tax Rate

At the same time the assessment process is taking place, the taxing authorities (the entities within the jurisdictions that receive tax dollars and perform services, i.e., the school district, the county, the city or town, the township, the community college district, the library, the water district, the airport authority, the road district, etc.) are fulfilling their budget and levy duties.

Each taxing body prepares, holds hearings on, and passes a levy and a budget. The levy outlines the amount of money needed from the property tax to fund the budget and its programs. Each authority then files their levy with the county clerk and the total equalized assessed value for that taxing authority is then used to determine the tax rate according to the following formula:

Levy / Equalized Assessed Value = Tax Rate

The overall tax rate is the cumulative rate of all the individual taxing authorities. There are a number of different cumulative tax rates in Normal Township based on the different taxing authorities that are included. The total 1999 Tax Rate for Normal Township Tax Code 01: $6.87860 per $100 of Assessed Value or .0687860 for use in above formula.

Some things to note:
•If the equalized assessed value increases and the dollar amount to be funded remains the same, then the tax rate will decrease.
•When the dollar amount to be funded increases beyond a corresponding increase in the equalized assessed value, the tax rate will increase.
•Increased spending by the taxing authority accounts for such an increase and it is also the reason an authority keeps its rate the same in the face of increasing equalized assessed values.

Designed By PC Guy, LLC    © 2011