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S Illinois | How are real estate taxing bodies handled in NE? In IL it’s a two step process. There is the EAV(equalized assessed value) that is dictated by both the assessors valuation and then things like the farmland formula thrown in. Then next step is the actual tax rate on that value which is set by the taxing bodies. In IL at least, assessments can go down but the taxing rate can be set higher to offset it. So in IL as long as the truth in taxation hearings are held, lower assessments won’t have a huge impact if the taxing bodies really want to keep their revenue the same. Lower farmland values would hurt the other classifications of real estate the most as the EAV % would swing harder towards residential and industrial type properties.
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