When the Internal Revenue Service announced tax filing extensions, millions of Americans breathed a sigh of relief. But for many people paying property taxes on the state and local levels, the relief is limited.
In Illionois, many people have been wondering how state and local officials will respond to the growing economic crisis caused by the pandemic. Reports have been mixed, but here’s what you need to know.
Be Prepared To Pay Your Property Taxes In Full
Currently, the state has not made any moves to delay property tax collections. While some counties are looking into making accommodations for property tax relief or for delaying property tax payments, others are exploring other options like waiving late fees. Regardless, there is still no consistent set of guidelines.
Because many counties are still in heated debate over property tax collections, you should plan on paying your bill on the regular June 1 deadline.
Understand The Property Valuation And Appeals Process
Generally, your property taxes will be based off evaluations done the prior year. This can be devastating if your property decreases in value. During the 2008 recession, many property taxpayers were being taxed at high rates because their taxes did not factor in the housing market crash.
You should be prepared to know the real value of your property, the assessor’s records and how that will impact your payment. In some cases, you may be eligible for an appeal that can save you thousands of dollars.
Assert Your Rights
Property taxes are incredibly nuanced, and your bill can change drastically. If you are concerned about your property tax burden, you can request an update on your property taxes from a county assessor. You should also consult with an experienced attorney to ensure that assessment is correct.