It is important to note that assessment of
property is just the beginning of the property tax process. The
Assessor's Office has the responsibility to value property based on
market value and equity. Once the Assessor's books are closed, those
values are used by the taxing bodies to actually formulate your tax
bill.
The Assessor's work follows the assessment
process each year and concludes with the closing of the books in the
fall. Once the figures are factored by the Supervisor of Assessments
and finalized by the Board of Review, the various taxing bodies
begin the work of levying for their budgetary needs.
Each taxing body sets its levy against the
total assessed valuations within its taxing district. The funds from
the levy form the budget of the taxing body for the upcoming year.
Taxing district lines often cross each other and overlap; your tax
bill lists the taxing bodies that collectively provide services for
your area of the Township. These taxing bodies include school
districts, park districts, municipalities (for incorporated areas),
county (for unincorporated areas), and many others. Though the tax
cap limits the amount of levy increases from year to year, local
referendums with appropriate notice, hearing, etc., can bypass this
restriction. Additionally, new construction can be levied against at
a different, higher rate than existing homes and businesses.
Once each taxing body determines its budget and
sets its levy, they file for their tax extension with the County
Clerk. The County Clerk must calculate each taxing body's levy
against its total Equalized Assessed Valuation (EAV) to derive the
tax rate. The individual tax rates for each taxing body that serves
your area form your overall tax rate; you can see the elements of
your tax rate listed on your tax bill.
Once tax
rates are set, the Treasurer begins the collection process. In Rock Island
County, tax bills are mailed at the beginning of May and are paid in
two installments. The first is due June 1st; the second is due
September 1st.
The above represents a brief overview of the
property tax process. The Assessor's work provides the valuation
information that serves as the basis for the process, but the
Assessor has no role in the setting of tax rates or the collection
of tax payments.