The Illinois Real Estate Property Tax Bill Formula
Assessment Value * Tax Rate * Multiplier = Real Estate Property Tax Bill per Property
Where Real Estate Property Taxes are allocated
In summary, there are four categories of Taxing Districts; Miscellaneous Taxes, School Taxes, Municipality/Township Taxes, Cook County Taxes. The itemized “Taxing District Breakdown” displays line item detail.
The first-installment bill is simply a 55% version of the second-installment bill from the prior tax-year.
The 2nd-Installment bill details your share of the annual levy. The taxes due will show a credit of the 1st-Installment.