How Equalized Assessed Value affects your property taxes

According to the Village’s CAFR, the Village’s equalized assessed valuation (EAV) increased $100.7 million, or about 20.7%, from $485.6 million with the 2016 levy year to $586.3 million in the 2017 levy year. The Village was reassessed in 2017. Property in Cook County is reassessed every three years and the 2017 reassessment includes increases in property values that have taken place from calendar year 2014 through 2016. Increased property values, however, do not necessarily result in an increase in property tax revenues. Only new property or an increase in the Consumer Price Index results in higher revenues. New property includes taxable commercial and residential improvements during the year and property value associated with home improvement exemptions that expired during the three years prior to the reassessment year. New property totaled $2,580,367 in 2017 and was primarily due to residential construction. The Village collected $127,827 from its .1% residential real estate transfer tax from property sales during the year. Property values are expected to remain substantially the same in 2018. In non-reassessment years generally the only changes to the Equalized Assessed Value are due to new property, assessment appeals by residential and commercial property taxpayers, and changes to the equalization factor calculate by the State.