Agency Rate Report
The Agency Rate Report is the report used to show the tax rate calculations performed by the Clerk for each taxing district or agency. It includes summary totals from the other reports described below. To understand the fields and columns shown on the Agency Rate Report, it is helpful to have a basic understanding of the levying process that districts follow and the principals of the tax extension calculations detailed in the Property Tax Code. For more information, see 35 ILCS (Illinois Compiled Statutes) 18-10 et seq. and the various sections of Illinois law that govern each type of district, such as schools, parks, and municipalities. They are available at any law library.
The report shows the taxing agency’s levy, listed by special purpose funds, and all outstanding bond debt service obligations, as filed with the Clerk upon passage by the local district’s governing body. In addition, the report captures accumulated property assessments from the records of the Cook County Assessor, which have been equalized according to a factor issued by the state to then represent the final taxable value of all property within the taxing district. Also from the Assessor is a figure representing the value of new property which, along with other factors, is used by the Clerk to complete calculations under the Property Tax Code provisions commonly referred to as “tax caps,” but more technically called the Property Tax Extension Limitation Law (“PTELL”), 35 ILCS (Illinois Compiled Statutes) 18-185 et seq.
Agency Equalized Assessed Valuation (Agency EAV) Report
This report shows the total equalized assessed valuation (also described as the total taxable value) of all property within the taxing district or agency, broken down by the township the district covers. In most cases, the district will be completely in one township, but in others several different townships are involved.
This report shows the total property valuations as determined by the Assessor and then accumulated by district, and then less any exemptions that are removed from the taxable value. This taxable value thus represents final assessed value, multiplied by the state issued equalized factor, minus any value that is removed due to homeowner’s and other exemptions.
New Property Report
The New Property Report details several things including the equalized assessed valuation of all property within the district or agencies boundaries that is considered “new property” under the Property Tax Code. The Assessor identifies the assessed value of all property that meets the statutory definition, and provides this to the Clerk to be multiplied by the state issued equalization factor. It also shows the value of any annexations, disconnections, recovered tax increment value and expired incentives. All the items detailed on this report are summarized on the Agency Rate Report and used by the Clerk in the process of applying the “tax cap” analysis required under the PTELL requirements. For more information, see the Property Tax Code, 35 ILCS (Illinois Compiled Statutes) 18-185 et seq.
Exemption Detail Report
This Exemption Detail Report supplements the Agency Equalized Assessed Valuation Report by showing the breakdown of all types of exemptions that have been removed from the taxable value of the properties located within the district. The exemptions are summarized on the Agency Equalized Assessed Valuation Report, in one total for each township. This detail report breaks these exemptions out by type, again listing them by township.
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