What are the steps in the property tax cycle?

| May 18, 2021 | tax law | 0 comments

Once you purchase property in Illinois, you will begin the property tax cycle. Under the law, you will have to pay property taxes every year.

To accurately charge you for these taxes, the state will need to go through a process. The Illinois Department of Revenue explains the process starts with an assessment of your property. Assessment is determining the market value of your property. This is an essential step because your taxes depend on the property value. The state will use various factors when conducting this process.

Guidelines

The Chief County Assessment Officer meets with assessors from the township to set guidelines for assessments. The township assessor will then set the market values for real estate based on figures as of January 1 each year. The assessor gives these values to the CCAO.

Review

The CCAO and township assessors review the values and make any changes. They will figure new assessments for properties based on these guidelines and alert you as the property owner via mail.

Complaints

During this stage, you do have the right to issue a complaint. You can object if you feel your property value assessment is too high. You may file this objection with the Property Tax Appeal Board or the circuit court.

Payment

Once you have the final assessment and tax rate, you will receive notice when your property taxes are due. You will need to pay them according to the set schedule and by the deadlines to avoid further penalties or fees. You will usually be able to pay your taxes through multiple payments.