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Tax Computation Reports The Tax Year can be found in the top left-hand corner of the report. Remember that the Tax Year is a year behind the current year. For example, this is Tax Year 2013 payable in 2014. The value of all of the property in your district is in the upper left-hand corner of the report under the name of your district. It is broken down into the different property types. The Total EAV is the total valuation for you district minus all exemptions. The Rate Setting EAV is the Total EAV minus the TIF increment in your district. Some district overlap into other counties. If your district is one of these, then you will see the value for those County(s) in the upper right-hand corner. The total value for all of the land is used to determine the tax rates. Please note, often when we are doing extension, the other counties do not know what their values will be. If this is the case, we use an estimate that they give us (usually the previous year’s actual amount) and we calculate rates based on that estimate. The following year, we will adjust extension to account for the difference between the estimated and the actual extension. 103,161,753 Total EAV in Mclean County for district (less exemptions) + 963,698 Overlapping County EAV 104,125,451 Total EAV for District - 22,627,225 TIF Increment 81,498,226 Value used to create tax rates In the center of the report you will find the Levy Request and Maximum Rates for each of the funds for which you have levied. ---PAGE BREAK--- The difference, if any between the Levy Request and the Adjusted Levy is either a reduction of your levy because you did not publish and hold a meeting so your request was decreased down to 105% of last years extended amount (not the amount you requested but what you actually got) or a bond abatement. Many of the funds for which you levy have a statutory maximum rate. Even if you publish and hold a meeting for Truth in Taxation, we cannot extend more than that statutory Maximum Rate. In the center of the report you will see the rates as they are calculated. The computer takes the Adjusted Levy and divides it by the Total Rate Setting EAV/100. If this calculated rate does not exceed the statutory Maximum Rate, then that is the rate that is used. If it exceeds the Maximum, then the Actual Rate will be reduced to that Maximum Rate. The difference between the Total Extension and the Total Extension w/Overlaps is the money you will receive from other County(s). The Total Extension is McLean County’s portion of your total extension. ---PAGE BREAK--- The second to the last row of the report is titled “Truth in Taxation Totals.” This total is the total of all the funds with the exception of Bonds and Interest and Permanent Road Funds. When calculating whether you will be over 105% of last year’s extension, make sure to exclude both of those funds when doing the calculation. You will compare last year’s extension minus Permanent Road and Bonds to this year’s levy minus Permanent Road and Bonds and Levy. On any past reports you have, this is what you will see on your report regarding Truth in Taxation. We believe this is misleading so beginning 2014 payable 2015 we will be changing this wording. What this actually means is that you didn’t publish or have a meeting for Truth in Taxation so we are unable to extend over 105%. Beginning in 2014, this will say “Able to extend more than 105%?” instead of “Filed Under Truth in Tax?”