How can your property tax rates change without home improvements?

On Behalf of | Apr 6, 2021 | property tax appeals | 0 comments

Unless you work specifically in the financial oversight sector in Illinois, tax law can seem extremely daunting. This is especially true of property taxes (given their ever-changing nature). You may know little about their complexities (other than the fact that you can count on receiving documentation every time they change).

This immediately prompts the question of why your property taxes so often change. Most will tell you that the major factor influencing your property taxes is the individual value of your home. Thus, improvements to your home will almost certainly affect your taxes. How, then, can your property tax increase in a year when you make no home improvements?

External factors influencing property taxes

According to the Illinois Department of Revenue, external factors that influence changes in your property taxes include:

  • More people moving into your neighborhood
  • Increases in the sales value of the homes in your area
  • Inflation

Property tax increases may also occur to help fund local government and school projects if officials show that their completion to the good of the public at large.

Notification requirements for property tax increases

If and when your property taxes do change, to what extent must officials make you aware of them (and through what channels will they communicate those changes)? During general assessment years, the list of property tax updates appears in local periodicals. You should receive news of any changes occurring due to something other than general assessment updates the same tax year that they occur.

There is no set property tax rate in Illinois. Rather, rates depend on both the amount of money your particular taxing district needs to operate for the year, as well as the equally assessed of your property. Typically the assessment is at 33.5% of that value.