It’s officially spring, friends! As much as there is to love about winter, I think spring is the season I always feel most eager to welcome. Those first warm breezes of the year carry with them the promise of all the simple joys to come in these next few months. There will be porch sitting, iced coffee on those sunny afternoons, walking barefoot in the grass, and fresh produce to enjoy.
Spring also means property assessments will be arriving in mailboxes all across Illinois, kicking off another cycle of property taxation. Property taxes in Illinois can feel complex and nuanced. Today, I want to break down some elements of the property tax system in Illinois and share what you can expect as a homeowner this spring!
- Assessment notices. The Illinois property tax system runs on a four-year cycle, although this varies on the county, which begins with assessment notices. These assessments are based on the fair market value of your home in a competitive market under normal conditions. In Illinois, property taxes are calculated by 33 and 1/3% of the fair market value of your home. This assessment is then mailed to your door for your review.
- Exemptions. Once you have reviewed your assessment thoroughly to ensure its accuracy (it involves square footage, number of bedrooms and bathrooms, finished attics and basements, etc.), you will want to make sure you have applied for any relevant exemptions. These include a general homestead exemption, a senior citizen’s homestead exemption, and a homestead exemption for persons with disabilities, among others. These can lower the assessed value of your home by up to $10,000.
- Equalization factor. Since properties are assessed locally by county, the equalization factor ensures a level of consistency and fairness across Illinois on a state level. This ensures that properties are assessed at as close to that 33.33% benchmark as possible.
- Filing an appeal. If you feel that your home has been unfairly assessed, you can file a formal appeal to the assessor’s office or local board of review. If you have sent that appeal and are still dissatisfied with the results, you can take a step further and appeal to the Illinois Property Tax Appeal Board (PTAB).
As homeowners in Illinois this spring, you can expect to see your assessments arrive within the next several weeks. Illinois has consistently been ranked among the top states for property taxes, with rates often around double the national average, but be encouraged that lawmakers are at work to introduce legislation that can help provide some relief from increasing tax rates. Once all exemptions and appeals have been worked out, tax payments are generally due in two separate installments: one in June and one in September.
I hope this helps you to navigate Illinois property taxes in a more well-informed manner, better equipped to understand the process. If you have any more specific questions, my team and I are always ready to offer our assistance in any way we can. Please don’t hesitate to reach out!
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