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The property tax is a local tax, imposed by counties, townships, municipalities, school districts, and special taxation districts. The property tax in Illinois is imposed only on real property . [ 5 ] [ 6 ] [ 7 ] Illinois counties, townships, cities, and villages may also promulgate local ordinances .
Worth Township's approximate borders are Harlem Avenue (Illinois Route 43) on the west, 87th Street on the north, Western Avenue on the east and 135th Street on the south. The township, however, does not include the parts of the city of Chicago (namely, zip code 60655, which is mostly the Mount Greenwood neighborhood) that lie within these ...
The assessment leads to an "assessed value," which is a base number used in the calculation of the property tax. There is a relationship between the assessed value and the tax liability. The higher the assessment, the higher the tax bill. In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas ...
The property tax typically produces the required revenue for municipalities' tax levies. One disadvantage to the taxpayer is that the tax liability is fixed, while the taxpayer's income is not. The tax is administered at the local government level. Many states impose limits on how local jurisdictions may tax property.
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The average property tax rate is 0.56%, one of the lowest rates in the country. The average homeowner will pay around $1,707 - more than $1,000 less than the national average.
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