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2018 School Property Tax Facts

Equalized Assessed Valuation for Stewardson-Strasburg School District properties is estimated to increase an average of 5% this tax year.

 

PROPERTY TAX FORMULA*

Although the mathematical calculation is quite simple, it often appears confusing unless you understand the factors. Equalized Assessed Valuation (EAV) in simple terms is the value of your home or property.  Several other factors are considered in figuring EAV but we will keep it simple for this purpose. The most confusing term in the property tax formula is the tax rates. For most individuals, what is most important to know is not how the tax rate is calculated but rather how it is applied to individual taxpayer bills. What makes the formula particularly confusing is that the tax rate is applied for every one hundred dollars of EAV not total EAV. The property tax formula is:

  • Individual Property Owner's EAV/100 X Total Tax Rate = Total Property Tax Bill
  • To understand this calculation, let's consider a specific example of a typical home.  Our assumptions are:
    • Home has an EAV of $50,000 (Market value of $150,000) and
    • The total tax rate for all taxing bodies is $6.00

Here is the calculation:

  1. Take the EAV and divide it by 100. The formula says that the tax rate is applied to every $100 of EAV not the total amount. Therefore, you must calculate how many hundreds of dollars of EAV you have.     $50,000/100 = $500
  2. Multiply this number by the tax rate. In reality, the property owner is paying $6.00 in property taxes on every 100 of EAV.     $500 X $6.00 = $3,000

The total tax rate for Stewardson-Strasburg CUSD 5A for 2017 was 4.398.  Total tax rate for 2016 was 4.647. 

 

*Kersten, T. (2012). Sources of Revenue. In Taking the Mystery Out of Illinois School Finance (5th ed., pp. 13-14). Chicago: NCPEA Publications.

 

 

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