McHenry County, IL
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Understanding Property Taxes
To understand how property taxes are used let's first go over the tax cycle:
Property taxes are used to fund your local governing bodies. The majority of property taxes go to your school district. However, your property taxes also fund other services such as fire departments, libraries, parks, rescue squads, village or city, and county.
The County Clerk's Office is responsible for calculating the tax rates based on levy requests submitted by the taxing districts. Once the tax rates are calculated and reports are balanced the information is turned over to the Treasurer's Office where the tax bills are printed and mailed out. The tax bills are typically mailed out early to mid May, with the 1st installment due sometime in June and the 2nd installment due sometime in September.
How is my portion of taxes calculated?
| Fair Cash Value | $150,000 | "Fair Cash Value" also known as "Market Value" is the most probable sale price in a competitive, open market. It is determined by your Township Assessor based on the prior three years of sales within the jurisdiction. |
| Township Assessor Value | $47,500 | Value certified by your Township Assessor typically the prior years final assessed value. |
| The value certified by your township assessor should be equal to 33 1/3 percent of the fair cash value. | X | The value of 47,500 is not equal to 33 1/3 percent of the market value. Therefore, an township equalization factor is applied. |
| Township Equalization Factor | 1.0524 | A Sales Ratio study, which compares a property's assessed value as of January 1 in one year to its selling price in the following year, is done to determine whether assessments were within the average 33 1/3 percent of the market value. If the study results in something other than 33 1/3 percent, an "equalization factor" is applied to bring the assessment levels up or down to the 33 1/3 percent mandated by law. |
| = | ||
| Equalized Assessed Value | $49,989 | The Equalized Assessed Value is then multiplied by the State Multiplier. |
| X | ||
| State Multiplier | 1.0000 | State Multiplier is determined by the Illinois Department of Revenue. |
| = | ||
| State Equalized Value | $49,989 | Equalized Assessed Value with Multiplier applied. |
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| Exemptions (Assessor) | $8,000 | Property Owner's can qualify for more than one exemption per year. To ensure you are receiving all the exemptions you are qualified for take a look at your most recent Assessment Notice or Tax Bill or contact the Assessment's Office. |
| = | ||
| Equalized Assessed Value (After Exemptions) | $41,989 | Equalized Assessed Value minus Exemptions equals the Taxable Value. |
| X | ||
| Property Tax Rate (County Clerk) | 8.456274 | The Property Tax Rate is the sum of the various taxing districts' rates based on the amount of levied for the current taxing year. |
| = | ||
| Taxes Due (Treasurer) | $3,550.70 | Taxes to be paid to the McHenry County Treasurer |
Contact UsTax Extension |
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Physical Address |
Mailing Address McHenry County Clerk 2200 N Seminary Ave Woodstock, IL 60098 |
| Phone: 815-334-4242 Fax: 815-334-8727 |