{"id":662,"date":"2021-03-23T03:32:12","date_gmt":"2021-03-23T03:32:12","guid":{"rendered":"http:\/\/normaltownship.org:8080\/?page_id=662"},"modified":"2021-06-28T19:32:31","modified_gmt":"2021-06-28T19:32:31","slug":"taxbill","status":"publish","type":"page","link":"https:\/\/normaltownship.org\/index.php\/taxbill\/","title":{"rendered":"Tax Bill"},"content":{"rendered":"\t\t
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The Property Tax Bill<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Of primary concern to the taxpayer is how does all of this translate into the tax dollars that will have to be paid.<\/p>

The formula that determines your tax bill is made up of several elements; 1) the assessed value of your property that is assigned by the local township assessor, 2) any township or county multipliers or adjustments to that assessment \u2013 which can by law be issued by the Supervisor of Assessments, the County Board of Review and\/or the State Department of Revenue, 3) any exemptions that the property owner might qualify for, and 4) the current tax rate for the taxing district where the property is located.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to assess your Property Tax Bill<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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((Assessed Value * Multiplier) \u2013\u00a0Exemptions<\/a><\/strong>) * Tax Rate = Your Tax Bill<\/p>

The Assessed Value is only part of the formula where local township assessor is involved, other than tracking some exemptions.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The assessment office must discover, list and assign assessed values to every property in the jurisdiction. The State has also determined that in Illinois this should be a fractional assessment or 33 1\/3% of market value. Market value as defined by the current text of the International Association of Assessing Officers is \u201cThe most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures.\u201d<\/p>

This office monitors all sales that occur in Normal Township and analyzes the local real estate market, economic conditions, supply and demand factors and other influences which affect property values.<\/p>

The office maintains records of ownership and sale information as well as property characteristics that are updated every time a physical change is made to the property. These characteristics are used in conjunction with our analysis of sales in the real estate market to estimate a market value, and then an assessed value of your property.<\/p>

Our goal is to determine an accurate market value estimate of your property and to assure that similar properties have similar assessments.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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The State of Illinois requires all counties to be assessed at the statutory level (33 1\/3%) of market value. County multipliers (or equalization factors) can be issued by the State Department of Revenue to individual counties within the state to equalize each county to the required level. Township multipliers can be also be issued at the county level by the County Supervisor of Assessments and\/or the County Board of Review which forces the individual townships within the county to the required level of assessments. When these multipliers are assigned on the township level, then the multiplier assigned by the state to the county is usually 1.0000 which has no additional impact on the assessment.<\/p>

Assessment jurisdictions monitor all sales and compare the sale price to assessed value by dividing assessed value by sale price. This creates a ratio that should be near 33.33%. All of the ratios created in a year are then listed from lowest ratio to highest ratio. The center of the list is then found. This center ratio is found for the last three years lists. These three centers (median ratios) are then averaged. If the average is below 33.33, the jurisdiction is considered under assessed, and a multiplier greater than 1.00 is issued to force the average ratio to 33.33. If the average is greater than 33.33, then properties are considered over assessed and a multiplier of less than 1.00 is issued to force the average ratio to 33.33.<\/p>

Certain properties, including farmland, coal assessments and property assessed by the Department of Revenue (railroad operating property, pollution control facilities, and low sulfur dioxide coal fueled devices) are not subject to equalization.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Exemptions are specific dollar amounts that are deducted from the Equalized Assessed Value before taxes are calculated. Taxpayers must qualify for these exemptions based on specific requirements for each exemption.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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