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Illinois should assess property more frequently and use only the previous year’s sales data in the assessment process to provide more up-to-date, accurate property values.
What is Illinois’ property tax cycle? The Illinois property tax cycle generally extends over a two-year period. A tax year is the year of assessment and reflects the value of real property as of January 1 of that year. The actual tax bills are paid in the year following the tax year. For example, taxes on a 2023 assessment are paid in 2024.
Property tax is a tax that is based on the value of the property owned and is assessed according to its value. For this reason, it is often called an ad valorem tax or a tax according to value .Value is a complicated concept with many definitions. Most real property in Illinois must be assessed based on its value in the open market.
Here are two features of Illinois’ property tax assessment system that make the property tax process more complicated, less transparent and less fair than it should be. 1. Illinois’ system of “fractional assessments” makes your property tax bill harder to read, can conceal too-high assessments and makes cal-culation errors more likely.
- How Your Illinois Tax Bill Is Calculated
- How to Check The Official Tax Record For Your Illinois Home
- Look Into Whether Your Home Has Been Fairly Valued
- Challenging The Taxable Value of Your Home in Illinois
- Confer with The Illinois Tax Assessor
- Pursue An Appeal of The valuation of Your Home in Illinois
- Consider Asking For A Further Review
- Learn More About Property Taxes in Illinois
In Illinois, two factors determine your tax bill: first, the taxable value of your home, and second, the tax rate (that is, the percentage of the taxable value that the local tax authorities use to compute your property tax). You can learn more from the website of the Illinois Department of Revenue, which provides links to county-specific informati...
The tax record for your home may contain inaccurate or incomplete information that leads the tax assessor to place too high a value on it. You can get of a copy of the tax record at the assessor's office. To locate it, call city hall, or look online at the State of Illinois' Department of Revenue websitediscussing property taxes, mentioned above. S...
Two types of information can help you establish that the assessor has placed too high a taxable value on your home. The first (and most important) is how the assessor has treated homes similar to yours. The second is how much homes like yours are currently selling for.
To successfully challenge the taxable value, you'll need to establish at least one of the following facts: 1. The tax assessor relied on information that is incorrect or incomplete. For example, the assessor may have assumed that your home contains 2,250 square feet of space when it actually has only 1,750 square feet. 2. The assessor set the taxab...
If you have convincing evidence that the assessor has overvalued your home, the assessor may agree to change the value. If that happens, you won't need to pursue an administrative appeal. You can get contact information for the tax assessor or assessors in your county at the Illinois Property Tax Appeal Board website. Most assessors are hard-workin...
If you can't reach agreement with the assessor, you can appeal the valuation. Here's where to appeal and useful evidence for doing so.
If you don't agree with the decision of the county appeal board, you have two options for a further review. One option is to appeal in writing to the state's Property Tax Appeal Board. The other option is to go to court, in which event you'll probably need to hire a lawyer to advise or represent you.
Check out The Illinois Property Tax System, a detailed guide to local property taxes in the state, published by the Illinois Department of Revenue. This document provides a helpful summary of the state's property tax statutes (available at 35 ILCS 200).
Illinois ranks near the bottom – 42nd – in property-tax competitiveness according to this study. At $44.14 per each $1,000 of income, Illinois’ burden is 48 percent above the median of all ...
People also ask
Should Illinois assess property more often?
Why is Illinois' property tax assessment system so difficult?
What determines an Illinois property tax bill?
Why should you use a property tax calculator in Illinois?
How long is real property tax in Illinois?
What is property tax in Illinois?
The Illinois property tax appeal process is designed to be transparent and accessible, giving every homeowner an equitable chance to question and rectify their property's assessed value. It stands as an essential check within the property tax system, ensuring that homeowners are taxed fairly.
