Assessed Values

Property Taxes

The Illinois Constitution states that “the State shall provide for an efficient system of high quality public educational institutions and services. The State has the primary responsibility for financing the system of public education.” The manner in which the State accomplishes this is codified through State law and regulations, which govern the policies and procedures of school finance. This further directly determines the nature and mix of revenues that support the District.

The largest source of revenue for Barrington CUSD 220 is local property taxes, which represent 81% of the District’s revenues. The Board of Education has the exclusive responsibility for annually certifying a levy to county clerks for counties in which it is located. The property tax cycle extends over two years. The tax year is the year of assessment and reflects the value of property as of January 1st. The tax bills are distributed and the taxes are paid in the year following the tax year.

Assessed Values

The District spans portions of four counties – Cook, Kane, Lake and McHenry. Each county has its own process for determining the assessed value of the property within its borders. Assessed value is calculated from the fair or market cash value of the property as of January 1 of the assessment year, based on the three most recent years of sales. Cook Country uses 10% of fair market value for residential properties and 25% for commercial properties to determine assessed value. Kane, Lake, and McHenry Counties multiply the fair cash value of the property by 33.33% to determine the assessed value. Each year, the State issues a property assessment equalization factor to each county. This factor corrects any inequities caused by differences in determining assessed value between counties. For tax year 2021, the Cook equalization factor was 3.2234 and Kane, Lake and McHenry all had an equalization factor of 1.

Equalized Assessed Values

Levy Year

County 2018 Actual 2019 Actual 2020 Actual 2021 Actual

2022 Projected

2023 Projected

2024 Projected

2025 Projected

Cook EAV (1) 1,487,595,081 1,549,694,929 1,536,130,004 1,419,148,312 1,470,237,651 1,523,166,207 1,578,000,190 1,634,808,197

Kane EAV 58,035,041 63,153,602 66,606,767 68,574,852 71,043,547 73,601,114 76,250,754 78,995,782

Lake EAV 1,271,727,654 1,279,055,349 1,259,461,886 1,260,753,329 1,306,140,449 1,353,161,505 1,401,875,319 1,452,342,831 McHenry EAV 132,587,916 139,266,231 125,007,407 127,887,973 132,491,940 137,261,650 142,203,069 147,322,380

Total EAV 2,949,945,692 3,031,170,111 2,987,206,064 2,876,364,466 2,979,913,587 3,087,190,476 3,198,329,332 3,313,469,190

EAV Growth 2.8% -1.5% -3.7% 3.6% 3.6% 3.6% 3.6%

1 - Tax Years 2021 through 2025 are an estimate

EAV represents the taxable property base for schools as certified by the Illinois Department of Revenue. Each Board of Education determines an annual levy in terms of dollar amounts and certifies this levy to each county clerk. The county clerks are responsible for the extension of taxes levied by the school district within the Property Tax Extension Limitation Law (PTELL). The tax rates have been established by PTELL since the 1991 levy year. PTELL limits the growth of a taxing body’s previous year’s tax extension to the lesser of the consumer price index or 5%. Revenue from newly assessed tax parcels is excluded from the cap.