Are you looking to get a better understanding of how property taxes work in Illinois? Check out our guide that explains how Illinois property taxes work, what the different tax rates are across the state, and how to contest your property taxes if you feel like you’re being overcharged. Property tax rates differ by county & township, so make sure you understand how they work!
About Property Taxes
Property taxes are levied by states, counties, and municipalities to pay for public services. These taxes are designed to be paid by homeowners, business owners, or investors who own property within a municipality or county. Property tax rates in Illinois vary based on several factors: what type of property is being taxed, where it’s located within a municipality, and when it was last purchased (property values have increased over time).
What Are The Basics Of A Property Tax?
Property taxes are based on a home’s fair market value (FMV) and its assessed value (AV). Fair market value is what an asset could sell for in a voluntary transaction between a willing buyer and seller. Assessed value is determined by local property tax assessors, not fair market value. Property taxes are charged as a percentage of assessed values.
How To Calculate Your Property Tax?
To calculate your property tax, you will need to know how much your home is worth. Using an online tool like Zillow or Redfin will give you a reasonable estimate of what your house is worth in today’s market. However, those numbers are only estimates, and they may not reflect what a county or township assessor says your home is worth in his estimation.
How To Pay Your Property Tax?
If you are confused about your property tax bill, or just need a refresher on how it all works, you've come to the right place. Illinois Property Taxes can be confusing at times, but they do not have to be. We recommend you to contact your county treasurer for payment due dates. The phone number should be listed in your local phone book under Government, County Assessor's Office or by searching online.
Depending on the County you live there are different options, in most of the cases this are the payment methods:
- Online Payment
- Pay at a Community Bank
- Drop Box
- In Person payment
- Pay by mail
- Pay at the Treasurer’s Office
Do I Need An Attorney To Contest My Property Tax?
Every property owner has to pay their fair share of property taxes, but in Illinois we also have a way to fight back if you think your home’s property tax assessment is too high. In fact, it’s easy to try and contest your own property tax in Illinois if you know what information to include in your appeal letter.
Is There Such Thing As Reduced Homeowner's Tax?
The short answer to whether there is such a thing as reduced homeowner's tax rates in Illinois is yes. In many cases, you can petition your local government (city or county) to reduce your real estate taxes if you meet certain requirements. However, it's not guaranteed that your request will be granted and in some cases, there are only certain parameters for which you may be eligible for lower tax rates.
How Do I Get A Copy Of My Real Estate Tax Bill?
Requesting a copy of your real estate tax bill is an easy process. You can visit your local county clerk’s office or county assessor website to request a paper copy or simply call them and request one over the phone. Either way, you’ll need to supply some information like: Address of your property, Property ID Number (PIN), your name, address, and phone number. Once you have all that information it should be a simple matter of requesting a copy in person or by phone.
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