Hi Mark,

Winnetka and Glencoe are 2 of the most affluent areas of the Chicago suburbs, and tax rates tend to be higher in these areas for a couple of reasons:

Schools
Home prices

The following is information taken from an article in today's Daily Herald that explains in more detail how taxes in Cook County are determined (and though it refers to the Northwest Suburbs and Winnetka and Glencoe are on the North Shore, the basics are the same):

Q. How do they come up with my assessment?

A. The assessor does a sales ratio study of home sales over the last three years to determine your assessment.

Properties in Northwest Cook County are being reassessed this year. Residents of several townships already have received notices of their new assessments. Those assessments will be used in computing next year's property tax bills. (see another link here from Cook County Assessor's website: http://www.cookcountyassessor.com/filings/newyear/firstpass.asp)

Q. How are tax rates determined?

A. Each taxing body sets a levy, which is the amount of revenue they want to raise through property taxes. The levy is applied to the equalized assessed value of the properties in its service area. Levy increases result in tax increases.

Q. What is equalized assessed value?

A. The state sets a multiplier to bring assessments in Cook County more in line with those elsewhere in the state where property is assessed differently. The equalized assessed value is the number after the multiplier (this year it's 2.71) is applied to the assessed value.

Q. What is a typical tax rate?

A. Tax rates in Northwest Cook County range from less than $6 per $100 of **assessed**value to more than $8 per $100 of **assessed value** (expect Glencoe and Winnetka to be on the higher end of this scale, with averages of 1.5 to 2% of purchase price as your tax).

Q. What's the biggest factor in my property taxes?

A. The biggest share of property taxes by far -- more than half -- goes to support local schools (Winnetka and Glencoe have a large portion that goes to schools).

Hope this helps.