The Village of Riverside derives a majority of its revenue for regular operations through levying a property tax. Each property within the Village is assigned a value by the Cook County Assessor (incorporating complicated formulas, exemptions and limits).
The assessed value is "equalized" through a multiplier established by the State to arrive at an Equalized Assessed Valuation (EAV). The Cook County Clerk's office takes the tax levies for each taxing district and the EAV of each property within that taxing district to determine the property tax rates. The Cook County Treasurer then sends property owners a bill with the total amount owed (EAV x total tax rate) to fund all the taxing districts covering the property.
This is a complex system with many agencies involved. Essentially, property owners pay a portion of the taxes to fund certain government agencies. Local governmental agencies, such as Villages and school districts, determine how much property tax revenue they need (within tax caps). The property assessment/EAV process determines the portion that your property owes. These two processes converge to determine property owners' tax bills.
Some residents may be confused if their real estate market value drops, but their tax bill stays the same or even increases. Remember that you pay a proportionate share of the total property tax levies covering your property. If every property's EAV remains the same (or increases or decreases by the same percent) you pay the same share; taxes would increase by the percent increase of the tax levies of all taxing districts.