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Definitions of Property Tax Terms
Below, for your convenience, are definitions
of several terms which are used frequently in discussing
the property tax system.
Ad Valorem
According to value.
Assessed Value
The value placed upon property after multiplying the assessment
level by the market value.
Assessment
The official act of discovering, listing and appraising
property for ad valorem tax purposes - currently 33.33 %.
Assessment Level
The percentage of full value at which property is assessed
as mandated by state law.
Assessor
The government official responsible for establishing the
value of property for ad valorem tax purposes.
Board of Review
A panel of three residents of a county, experienced in real
estate appraisal, who review complaints filed by individual
taxpayers. The Board of Review has specific statutory responsibilities
to perform during a designated period of time.
Equalization
The process of providing uniform aggregate assessments between
townships and counties (see multiplier).
Equalized Value
The assessed value multiplied by the county and/or state
multiplier. This calculation gives the value of the property
to which the tax rate is applied.
Extension
This term is used in two different contexts: 1) The process
in which the county clerk determines the tax rate needed
to raise the revenue certified to the clerk by each taxing
body in the county; and 2) The actual dollar amount of revenue
resulting from the tax rate when it is multiplied by the
assessed value of a district.
Improvement
Any structure, addition or other product of labor which
is attached, lying upon or within the land that may not
be removed without physical stress.
Levy
The amount of money that a taxing body requires to be collected
through the property tax system.
Market value
The most probable price, estimated in terms of money, which
a property would bring in a sale between a willing buyer
and seller under arm length conditions.
Mass Appraisal
The process of valuing a universe of property by employing
a common reference for data in allowing for statistical
testing.
Multiplier
A figure used by county and state officials and applied
uniformly to all parcels within a township to "equalize"
assessments between townships and counties so that all values
reflect the same assessment level.
Permanent Index Number (PIN)
A 10-digit number used to identify property for tax purposes.
This number is used in place of lengthy legal descriptions.
Property Tax Appeal Board
A state-level panel of five residents, experienced in assessment
appeals, who review complaints by property owners who are
unsatisfied with decisions rendered by the Board of Review.
Quadrennial Reassessment
The assessment that takes place every four years during
which the township assessor must revalue property based
on the previous three years' sales activity.
Taxing Body
An organization or government body having the statutory
right to fund itself through the property tax system. Examples
include schools, park districts, villages and townships.
Tax Rate
A percentage applied to each taxing body's assessed valuation
which will produce the amount of that taxing body's levy,
or, in other words, the levy divided by assessed value equals
the tax rate. The tax rate is expressed in terms of "dollars
per $100 of assessed value".
Taxing District
The geographic area whose boundaries define the taxing jurisdiction
for a group of taxing bodies.
Frequently Called Lake County Office Numbers
| Treasurer |
847-377-2323 |
| Chief County Assessment Officer |
847-377-2050 |
| Recorder |
847-377-2575 |
| Board of Review |
847-377-2100 |
| Map Department |
847-377-2373 |
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