2025 Assessed Values Increasing 7%
Real Estate Taxes Increasing 3-4%
New Blue Assessment Notices have been published as of September 11th, including you will find the new 2025 Lake Villa Township Assessor’s Office assessed values. We are expecting many people may experience a “sticker shock” due to the application of the equalization factor of 1.0727 to all properties in the Township.
THIS DOES NOT MEAN YOUR TAXES ARE GOING UP BY 7%
Level of Assessment
The level of assessment for Lake Villa is currently at 31.11%, which is below the state-mandated level of 33.33%. To achieve the 33.33% level, an increasing factor must be applied. Lake Villa is not alone in receiving a large factor; other townships in Lake County have factors ranging from 1.04 to 1.10. Most jurisdictions throughout the state will receive similar increasing factors.
The function of this multiplier, beyond its numerical value, is to ensure assessments are equitable and reflect current market conditions.
Changes to Assessed Value
When all property’s increase in value equally, your “slice of the tax pie” remains the same relative to the total value of all properties. This year, all properties are increasing at the same rate due to the application of the equalization factor. As a result, tax bills will remain relatively stable, with changes primarily driven by the spending of taxing bodies.
Spending Controls Tax Increases
Taxes are almost exclusively caused by how much money taxing bodies request for their annual budgets. When these bodies increase spending, taxes rise; and conversely, when they decrease spending, taxes fall.
There are some limitations to this spending, for example, the Property Tax Extension and Limitation Law (PTELL) caps the annual increase in spending to the lesser of the Consumer Price Index (CPI) or 5%. For the upcoming tax bill payable in 2026, this increase is set at 2.9%. Consequently, it is very likely that taxes will increase by 3-4% next year.
We Serve the Public
My office is committed to serving the public with transparency, accuracy, and care. Whether you have questions about your property’s assessed value, the taxation process, or need help navigating exemption applications, we’re here to assist. Please feel to contact my office.
The factors and sale ratio statics are published on the Lake County web site. The link is below:
http://www.lakecountyil.gov/389/Equalization-Factors
PTELL Information
https://www2.illinois.gov/rev/localgovernments/property/Pages/ptell.aspx
https://www2.illinois.gov/rev/localgovernments/property/Documents/cpihistory.pdf
There is more discussion of the equalization factor and the difference between assessor’s market value and current market value found on this web site.
What is the Equalization Factor
Assessed vs Current Market Value