Property taxes are the largest source of revenue for the Village and are utilized to fund general municipal operations and pension obligations. The Fiscal Year 2021 budget (January 1, 2021 - December 31, 2021) includes property tax revenue in the General Fund of $3.8 million for Village purposes and $4.5 million for public safety pensions. An additional $1.2 million of property taxes are being used to fund debt payments in 2021.
Real Estate Property Tax Rates (last ten years)
The Village of Lake Zurich receives one of the smallest shares of property tax of any taxing district. The Village's share of property tax as a percentage of each property owner's total tax bill is approximately 15% of the total tax bill, meaning that less than $0.15 cents of every dollar paid in property taxes will go to the Village in 2020.
When all is said and done, the amount due that appears on your tax bill is based on the following equation:
Equalized Assessed Value (EAV) / 100 x Tax Rate = Taxes Owed
Your EAV, as determined by the Ela Township assessor, is equal to one-third of your property's fair market value, subtract any exemption you receive.
The total revenue received from this source is projected to be $9.5 million in Fiscal Year 2021 (January 1, 2021 - December 31, 20121). This total includes General Fund Corporate revenue, Police and Fire Protection revenue, Pension Funds revenue, and Debt Service revenue.
Example: If you own a property with a fair market value of $300,000 as determined by the township assessor, your EAV would be equal to $100,000. A homestead exemption of $5,000 would further reduce this amount to $95,000. The tax rate is expressed as an amount per $100 of equalized assessed value (EAV). Given these assumptions and assuming a tax rate of 7.518 per $100 EAV, your taxes owed would be $7,142.10 and are calculated as follows.
$95,000 / 100 x 7.518 = $7,142.10
Of this total amount, only $999.90 would be paid to the Village of Lake Zurich.