How important is the property tax compared to other taxes?
The property tax is the major source of tax revenue for local governments in Illinois, as it produces more than three-fourths of their total tax revenue. Some types of governmental units, such as cities, are less dependent on the property tax than other units, such as school districts, which have no other taxing powers.

The Property Tax Cycle - from the assessment of property to the collection and distribution of taxes - takes nearly two years for most property. It can be divided into six steps:
(1) Assessment
(2) Review of Assessments
(3) Equalization
(4) Levy
(5) Extension
(6) Collection and distribution of property tax revenue

Show All Answers

1. What is property tax?
2. What is the history of the Illinois property tax?
3. What is considered property?
4. How is the value of property determined?
5. How are farm properties valued in Illinois?
6. Who must pay property taxes?
7. Who spends property taxes?
8. How important is the property tax compared to other taxes?