Equalized Assessed Valuation
The term Equalized Assessed Valuation (EAV)refers to the assessed value of all taxable real estate in the district after application of any multipliers. The property taxes that the district can levy are based on this value and the tax rates set by statute or by referendum. If the EAV goes down, the local property tax revenue for the district goes down unless the tax rate goes up. If the district is not using its full tax rate, when one taxpayer lowers the assessed value of that taxpayer's property, the tax rate rises for all taxpayers to make the same amount of tax revenue that existed before the taxpayer's assessment was lowered. If the district is already taxing at its maximum rate, when a taxpayer lowers the assessed value of property, the district receives less tax revenue.
Rantoul area assessed values have grown steadily until 2005 and 2006 when the total EAV dropped due to lower farm land values. As you can see from the chart below, residential real estate makes up the largest share of real estate value in the district. Commercial and farm land have held a close second and third place while industrial and railroad property are the lowest contributors.
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