Calculating property taxes is a complex process that involves many elected officials and their staffs.
- Members of the General Assembly who write tax law
- Locally Elected Township Assessors who assess your property
- Locally Elected Officials such as School, Park, Libraries, and Village Trustees who set tax levies
- Locally Elected County Board Members who also set tax levies
- The County Clerk who calculates your tax payment
- The Supervisor of Assessment who applies exemptions
And this is just a partial list.
Basically, your Township Assessor determines your property’s Net Equalized Value, or NEV. The County Clerk takes the NEV and calculates it against each tax levy set by your locally elected boards. The County Clerk also subtracts exemptions that the Supervisor of Assessment approves for your property.
Once the County Clerk completes the calculations (the formal name is “extension”), we take the data and print your bill and mail it to your address of record.
The Will County Treasurer then distributes the money to the local taxing districts.