What if I think I’m over-assessed?
You should
first contact your township assessor for an explanation
of your assessed value. You may be able to come to an
agreement on the proper assessment with him/her. If not,
you should file an assessment appeal with the Board of
Review, on forms available from this office.
Assessment appeals must be filed within 30 days of
publication of the assessment list in the newspaper.
The Board of Review will hear your appeal and make a
ruling. If you are dissatisfied with the Board’s ruling,
you may appeal to the State of Illinois Property Tax
Appeal Board.
To obtain a copy of the Board of Review's rules,
click here.
How are tax bills calculated?
A property
tax bill is calculated by multiplying the assessed value
time the tax rate. Any homestead exemptions in effect
serve to reduce the assessed value. The tax rate
is determined by the budgets adopted by the local taxing
districts your property resides in. The following
example may help:
|
Assessed Value |
$50,000
|
|
Exemptions |
- 5,000
|
|
Taxable Value |
= $45,000
|
|
Tax
Rate |
x
8.50%
|
|
Tax
Due |
$
3,825.00
|
In this example, a
house with a market value of $150,000
is assessed at 33 1/3% of value, or $50,000.
The general homestead exemption reduces the taxable
value. The tax rate of 8.50% is determined by the money
requested by the school, city, county, parks, etc.
Generally, tax rates are slightly less in rural areas
where fewer services
Why do taxes keep going up?
Your tax bill depends on two
things: the spending of local taxing districts, and the
assessed value of your property. Assessed values, in
recent years, have increased annually, primarily in
response to increasing prices in the real estate market.
Property assessments are to be based on market value(s).
When the real estate market goes up, assessments will
follow. In addition, budgets and spending of local
agencies (schools, cities, etc.) usually increase from
year to year. These spending increases result in higher
tax bills.
If you are concerned about rising property taxes, we
encourage you to:
-
Attend budget
hearings of your local taxing districts (schools,
cities, parks, etc.).
-
Contact taxing authorities and
their board members.
-
Decide if you can live without
services to keep taxes lower.
-
Voice your concerns with your
local legislators.
-
Work for more
efficient government.
