Why do property taxes rise?

On Behalf of | Aug 11, 2021 | tax law | 0 comments

The state of Illinois does not have single-rate property taxes, which means your unique and individual tax will often differ depending on several factors. This can include the property value assessment as well as how much money your district believes is necessary to uphold its operations.

Because of these factors at play, it is possible and even probable that you will see fluctuations in your taxes from year to year. But what exactly causes these hikes?

Reasons for increases

The Illinois Department of Revenue examines the reason for tax increases on properties. First, if your property value rises, the tax that accompanies it will also likely rise. The value of your property can change based on several factors as well, including improvements you make to the property, general values in your area increasing, or the government taking away a homestead exemption.

How to check why it happened

If you want to see whether or not your taxes have gone up, you can compare your current tax bill with the one you received in the previous year. This can show you if you are facing a change in the tax rate itself, or if it is a matter of property value assessment. If the matter lies with the tax rate, you can speak to the county clerk to learn more. If it is a matter of property value, you can speak with the chief county assessment officer to determine the exact cause of this change.

Getting involved in budget hearings and district meetings is the best way of avoiding tax increases in general, or at least staying in the loop when it comes to seeing those changes down the road. Preparation is the best way to handle matters like this.