The Property Tax Bill

Of primary concern to the taxpayer is how does all of this translate into the tax dollars that will have to be paid.

The formula that determines your tax bill is made up of several elements; 1) the assessed value of your property that is assigned by the local township assessor, 2) any township or county multipliers or adjustments to that assessment - which can by law be issued by the Supervisor of Assessments, the County Board of Review and/or the State Department of Revenue, 3) any exemptions that the property owner might qualify for, and 4) the current tax rate for the taxing district where the property is located.

The Assessed Value Formula

Assessed Value x Multiplier

- Exemptions

x Tax Rate

= Your Tax Bill

The Assessed Value is the only part of the formula where the local township assessor is involved, other than tracking some of the exemptions.