Illinois calculates property taxes off of 1/3 assessed value. Apparently it allows the rates to not have to go out to an insane number of digits. But it gets w

Illinois calculates property taxes off of 1/3 assessed value. Apparently it allows the rates to not have to go out to an insane number of digits. But it gets weirder. The city/county/ whatever determines their budget and uses property taxes to determine how that cost is allocated across residents. What happens when housing prices fall? Simple! They take a multiplier, and increase all assessments by some factor. People think property taxes set the budget, when in fact the budget sets properly taxes