How Are Property Taxes Calculated in Illinois?
Did you receive your Illinois property tax assessment for this year? If this year’s assessment has you feeling overwhelmed, Kepper is here to relieve your worries and frustrations. Understanding how property taxes are calculated can be complex, but Kepper’s expertise can help you navigate the process and potentially reduce your property tax assessment.
For better insight, have your latest property tax bill handy while reading this guide.
It All Starts with Government Spending
Your property tax bill begins with the revenue needs of your county to fund various public services. The majority of property tax revenue supports local school districts, while the rest goes to essential services like fire and police departments, libraries, water reclamation districts, forest preserves, park districts, and mosquito control districts.
How the Tax Rate and Equalized Assessed Value (EAV) Are Determined
Once the total property tax revenue needed for the year is established, local authorities set the tax rate. This rate is applied to the combined value of all real estate within each district to raise the required funds. For instance, if a taxing district needs to generate $4.5 billion, and the total assessed property value in the county is $90 billion, the tax rate would be 5%, calculated as $4.5 billion divided by $90 billion.
The market value of your home is estimated by the assessor using sales data from similar homes in your area. This estimated value is used to determine your home’s assessed value, which is then equalized along with other properties according to legal requirements. The property tax rate is applied to your home's equalized assessed value (EAV), minus any applicable exemptions.
Property Tax Exemptions
Several property tax exemptions may be available, depending on your situation. These can be based on:
Residing in the property
Senior citizen status
Veteran status
Disability
Fairness and Discrepancies in Property Taxes
Changes in the market value of your property may not directly affect your property tax bill since counties need to meet their budgetary requirements regardless of property values. This reliance on broad data can sometimes result in perceived inequities in the taxes you owe compared to other property owners.
Challenging Your Assessment with Kepper
If you believe your property tax assessment is inaccurate, you have the right to appeal. Illinois homeowners can challenge the official assessed value by demonstrating that their property taxes are not consistent with those of similar properties. Kepper has successfully helped thousands reduce their property tax assessments across various property types.
Cook County Property Tax Appeal Services
For residents of Cook County, Kepper offers a range of property tax appeal services tailored to the complexity of your case. You will start with an initial consultation and case evaluation, where we will review your property assessment and determine the most beneficial levels of appeal for your situation. Possible appeal levels include:
The Cook County Assessor
The Cook County Board of Review
The Illinois Property Tax Appeal Board
The Cook County Circuit Court
Our consultation will provide you with a clear roadmap of what to expect and the steps involved in appealing your property tax assessment.
Kepper Recovery works on a contingency basis, meaning that we don't charge anything upfront and if we cannot lower your assessed value (property taxes), you don't pay a dime.
Give us a call today to see how much we could help you save!
(312) 715- 7577 - Kacper Staniszewski
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