How to Village Calculates Taxes

How the Village calculates its Tax Rate:

The Village must adopt a balanced budget annually. The tax levy is the largest revenue source supporting the budget.

The Tax Levy is the total amount of property taxes collected for the ensuing year. The Tax Rate is calculated by dividing the tax levy by the total assessed valuation of all properties in the Village, and then again by 1,000. The total assessed valuation is the net taxable value identified in the most recent assessment roll (published no later than April 01 each year). Assessment rolls can be found on the Assessor's page

The figures below show the calculation using example figures, not actual numbers:


$12,000,000 Village Tax Levy

$3,000,000,000 Total Assessed Valuation / 1,000
= $4.0000
Village Tax Rate


How to Calculate Your Tax Bill using the Tax Rate
For a home assessed at $1.5 million ($1,500,000), the Village portion of the property tax bill is calculated by dividing the assessment value by one thousand (1,000), and then multiplying by the Tax Rate. 

The figures below show the calculation using example figures, not actual numbers:

$1,500,000 Assessment
1,000
x $4.0000
Village Tax Rate
= $6,000.00
Village Tax Bill