Why did my property taxes increase?

On Behalf of | Jul 22, 2020 | tax law | 0 comments

In the state of Illinois, there is no single set rate for property tax. This means that the tax on your property depends on the equalized assessed value of that property as well as the amount of money that your local district determines is necessary for its operation.

In terms of the equalized assessed value of your property, it is possible that this may change from year to year. If your property value goes up, your property tax will go up as well. According to Illinois Revenue, there are many things that can affect the value of your property. These can include improvements you have made to the property in the recent past, the government removing a homestead exemption, your property value being too low to begin with and property values in your general area increasing.

How can I figure out why my taxes increased?

The most succinct way to do this is to compare your current tax bill with the one from last year. This will show whether the issue is the assessed value of your property or if the actual tax rate changed.

In the event that your property value went up, you can contact the chief county assessment officer to figure out what exactly caused the change. If the change is in the tax rate, you will need to contact the county clerk’s office.

Can I stop my property taxes from going up?

The best way to try to prevent property taxes from going up is to get involved with district meetings and budget hearings to understand why taxes work the way they do. You can also request a review of your equalized assessed value if you think that it is too high.