3 common myths about property taxes

On Behalf of | Mar 1, 2022 | property tax appeals | 0 comments

As a homeowner, one of the expenses you must account for on a yearly basis is property taxes. Because this expense can fluctuate over the years, you likely want to reduce what you owe when possible.

According to Illinois.gov, how much you pay in property taxes depends on the equalized assessed value of your home and how much your taxing district needs to fund its budget during the next year. If you are like many, you may still not fully understand how the state uses property taxes and the assessment process.

1. Assessors determine your property tax

An assessor can only establish the fair market value of your property. Once you have an assessment done on your home, the market value of your home gets multiplied by the current tax rate. This figure is what you will pay on your tax bill.

2. Assessments only lead to higher taxes

In some cases, assessments can lead to higher taxes, but not all. It is not the assessment that is the main determinant of what you pay in property taxes, but the existing property tax rate.

3. Homeowners pay property taxes to help with state deficits

The state does not use property taxes to fund its budget. Rather, school districts and localities receive this funding.

If you believe that you pay too much in property taxes, you do not have to remain complacent with this ongoing expense. Instead, you can file a property tax grievance to argue that you should pay less for this tax.