Property Taxes

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The Village of Mount Prospect provides a complete range of services for its residents and business community. They include police and fire protection, street and highway maintenance, health and social services, refuse disposal, public improvements, planning and zoning, engineering and inspection, water and sewer utility service and general administrative services.

To pay for all this, the Village obtains revenues from a number of sources, including property taxes. Property taxes accounted for 17.5% of the Village’s total revenues expected for 2011. Sales tax, service charges, licenses, fees, state income and motor fuel taxes, and several other revenues sources make up the balance. The Village uses the money it receives from property taxes for four basic purposes: police and fire protection, public safety pensions, refuse disposal and public improvements.

The owner of a residential property in Mount Prospect having an equalized assessed value of $115,500 (approximate market value of $350,000) will pay the Village about $908 in property taxes as a result of the final 2010 levy (payable in 2011). Of this amount, $414 is for police and fire protection, $280 is for funding public safety pensions (police and fire), $107 is for refuse disposal, and $107 is for public improvements. This estimate assumes only the standard homeowner exemption when determining taxable value.

Homeowners may also be eligible for the senior citizen exemption, senior freeze or other property tax exemption offered by the Cook County Assessor’s Office. These programs work to provide further relief to the annual tax bill.

Other Taxing Districts
Within and including the Village of Mount Prospect, there are 34 separate and independent taxing districts. They include the Mount Prospect Public Library, Cook County governments, Metropolitan Water Reclamation District, six (6) public school districts, five (5) park districts, and fourteen (14) other tax districts, plus Elk Grove and Wheeling townships.

With the exception of the Village and Public Library, the taxing districts in Mount Prospect do not share common boundaries. As such, not all of the 34 tax levies appear on every tax bill for a Mount Prospect resident or business. Typically, there are 16 or 17 districts on each individual tax bill.

Village’s Share
The pie chart below shows the breakdown of property taxes for the Village of Mount Prospect in Elk Grove Township from the 2010 tax bill (payable in 2011). The Village is to receive $15.2 million or 11.2% of the total. The percentages vary depending on the area of the Village and the taxing districts included.

For more information on property taxes and the Village budget, visit the web site at, or contact the Finance Department at 847/392-6000.