How is my tax bill calculated?
Tax dollars are determined by multiplying the assessed value of your property, less any exemptions, by the tax rate for your area. Assessed value is equal to 33 1/3% of market value. For example, if your property has a market value of $300,000 your taxes would be calculated as follows:
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Market Value ÷ 3 = Assessed Value
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Example:
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300,000 ÷ 3 = 100,000
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Assessed Value – Exemptions = Taxable Assessed Value
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100,000 – 6,000 = 94,000
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Taxable Assessed Value x Tax Rate = Tax Dollar Amount
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94,000 x 0.071705 = $6,740.27
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Ok, so my assessment is one-third of my market value; how is my market value calculated?
Market values are determined by looking at comparable sales occurring over the prior three years. (For 2010 values, sales from 2009, 2008 and 2007 are used) These sales must also be valid, non-foreclosures, non-short sales. Current year’s sales do NOT have any effect on current year’s market values and assessments. Additionally, list prices of homes currently up for sale are not considered.
What determines the tax rate for my property?
The tax rate is determined by the amount of money levied for by the various local government entities, who receive your tax dollars. Each year, those taxing bodies submit their levies, which when added up represent the total amount of tax dollars needed. This total is then compared to the total amount of Assessed Value within the given taxing district. A tax rate is then determined that will achieve the exact amount needed to meet the levies requested by the various taxing bodies.
When are taxes due?
Real estate tax bills are generated and mailed out by the Will County Treasurer's Office no later than May 1st. In Will County, property tax bills are paid in arrears, meaning that the bill mailed on May 1, 2011 is for the 2010 tax year. The first installment is due June 1st and the second installment is due September 1st. Payments should be made at the Treasurer’s Office or a participating bank. The township cannot accept tax bill payments.
What can be done if I feel my tax bill is unfair?
Once you have received your tax bill it is too late to appeal your assessment. Anytime the Assessor changes your assessment, the Will County Supervisor of Assessments sends notice of the change and publishes it in the newspaper. This typically occurs in the middle of August. If you feel that your assessment is greater than one-third of your market value or inequitable you have 30 days from publication to file an appeal with the Will County board of Review.
If you are fairly assessed, but dislike the amount of taxes you are paying, plan to attend budget meetings of the taxing bodies in your district. Your tax bill will give you the current rate for each taxing district. If you have questions about the rate charged by a specific district, contact them directly.
If you have any further questions or concerns, please contact our office at (815) 436-5110.
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