May 4, 2011

Contact: Willard R. Helander
                (847) 377-2308

WAUKEGAN, Illinois - Do you ever wonder how your property taxes could keep going up when market values have decreased? What about the "Tax Cap?" What is CPI? EAV? How does the state multiplier impact tax bills?

The Lake County Clerk's office hopes to answer these questions and provide general information in a new online video "Declining Property Values & Tax Extensions" available at LakeCountyClerk.info under the News & Events column. The Clerk's office calculates property tax rates based on the individual district levies approved by the various governing boards, assessed property values, and state statutes.

"Our role in tax extension is only one part of the sometimes confusing process established by state law to create a tax bill," said Clerk Willard Helander. "This video is a guide to understanding the variables that impact a tax bill."

The entire tax cycle - from districts filing budgets to property assessments to billing and collections - involves many entities including taxing districts, legislative mandates, township and county assessors, and county offices with statutory duties.

"We believe Information empowers the taxpayer," Helander explained. She added, "My hope is, after watching the video, property owners will better understand the property tax process and will be engaged in the root of the tax increases - budgeting by local governments."