Township Taxes and Revenue
Edwardsville Township does not receive any sales tax or income tax. The Township’s primary source of revenue is property tax, grants, and the personal property replacement tax. Click here to learn more.
Assessments and Property Taxes
Property tax is the largest single tax in the state of Illinois. It is also a major source of revenue for local government taxing districts. Every person and business in Illinois is affected by property taxes, whether by paying the tax or receiving services or benefits paid for by property taxes.
Where do the numbers come from?
Property can be divided into two classes – real and personal. Real property is land and anything permanently attached to the land (e.g. buildings and fixtures permanently or constructively attached to a building). Personal property is all property that is not real property (e.g. automobiles, livestock, money). In Illinois, taxpayers pay property taxes only on their real property.
In Illinois, most real property must be assessed based on its market value. Market value is the most probable sale price (in terms of money) in a competitive, open market. This is under the assumption both buyer and seller are acting prudently and knowledgeably, and allowing sufficient time for the transaction which is not affected by undue pressures. The Illinois Property Tax Code uses the term “fair cash value” to describe market value. Once market value has been determined, assessors put a value on the property for the tax assessment books. This value should be 33 1/3 percent of the fair cash value. For example, if the fair cash value of a property is $150,000, and the county level of assessments is at the statutory level of 33 1/3 percent, the assessed value of the property to be entered in the assessment books would be $50,000.
The percentage of fair cash value a property is assessed is the “assessment level”. Illinois law requires the assessed value of non-farm property equal 33 1/3 percent of its fair cash value except for in Cook County.
Equalization is the application of a uniform percentage increase or decrease to assessed values of various areas or classes of property to bring assessment levels, on average, to a uniform level of the market value (33 1/3 percent). Both local assessment officials and IDOR are responsible for equalizing assessment levels.
For more information regarding Madison County tax rates, Illinois tax rates, market value, equalization and so on please check out the assessment publication from the Illinois Department of Revenue.