Your Kane County property tax bill is based on two primary factors:
1. Assessed Value of the Property
Your local Township Assessor estimates the market value of your property. In Illinois, this is converted to an Equalized Assessed Value (EAV):
EAV = 33.33% of Market Value
Example Calculation:
Market Value = $300,000
EAV = $100,000
2. Tax Rate
Your tax rate is determined by the levies (budgets) requested by local taxing bodies—such as school districts, municipalities, fire protection districts, and libraries. These levies are combined to create your composite tax rate, which is then applied to your EAV.
Example Calculation:
Market Value: $300,000
EAV: $100,000
Tax Rate: 8.5%
Tax Bill = $100,000 × 0.085 = $8,500/year
