Click on the links (right) to view information from the Lake Villa Township Assessor's office.
Assessments Down - Taxes Up
For the first time in recent memory assessed values for most all properties have decreased, yet taxes are still going up. How can this be true?? April 2011
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2010 State Equalization Factor
This is an article from the Illinois Dept. of Revenue explaining the 1.0199 mutliplier April 2011
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Consumer Reports® Article
"How to cut your property taxes" From an article published in May 2010
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What is the Equalization Factor
The Equalization Factor/Township Multiplier is another proportion of the assessment process that can be very difficult to understand and explain. The basic principles and terminology are discussed below. The main purpose of the equalization process is to equitability distribute the real estate tax burden.
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2009 Equalization Factor
Detailing Lake Villa Township's 2009 Equaliztion factor
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Broken Tax System
A widespread opinion heard these days is that “the property tax system is broken”. As property values continue to decline, the expectation is that assessments and tax bills should do the same. But it isn’t happening and so the conclusion is that “something must be wrong - the system must be broken”. In fact, the property tax system is working very much the way it was intended.
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Relationship between Assessed Value and Taxes
Values are going down, when will taxes go down? The short answer is your taxes will go down when spending goes down. Taxing bodies such as schools, villages and townships spend money from taxes collected from you. Plain and simple, if taxing bodies spend less, your taxes will go down.
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Assessed vs. Current Market Value
There is a difference between the valuation date used for the basis of your assessment and today’s value based on current market conditions. The valuation date for assessment purposes is January 1, 2009. As we all know the real estate market is much different in the past two years. The difference in property values in this period can cause misunderstanding between the assessed value and the current market value.
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Control Real Estate Taxes - Spending
First, realize more tax spending (bigger budgets) means a bigger tax pie. Taxing bodies can increase spending by issuing new bonds, extending / refinancing existing bonds or pass referendums. In addition, under Illinois law taxing bodies can increase spending by the CPI or 5% per year whichever is less. Plain and simple increase spending increases your taxes; decrease spending decreases your taxes. Even if assessed values decrease, if spending (levy) increases taxes can increase.
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Control Real Estate Taxes - Assessmentl
An increase in assessment does not automatically increase taxes. Nor does a decrease in assessment equal a decrease taxes. In today’s market, if all values decrease equally then the relationship of an individual assessed value to the total tax base remains unchanged. Our office is currently revaluing properties in Lake Villa Township. A revaluation is necessary to equitably distribute and redistribute the share of taxes.
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Exemptions Reduce Taxes! Do you have yours?
This article details the property tax exemptions
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Lake Villa Township Assessor
Jeffrey Lee
Phone: 847-356-2383
Fax: 847-356-4471
LVAssessor@lakecountyil.gov | 
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