Can property taxes decrease following an assessment?

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

As a property owner, you could have a considerable amount of stress as a result of property taxes. Whether you have concerns about your ability to pay taxes or you become frustrated because you believe that a recent assessment was unfair, it is crucial to find answers to any questions you have related to property taxes.

In fact, property taxes can actually remain the same or decrease, in certain instances. If you feel that your property taxes should have gone down, or they are too high, and you believe that an assessment was unfair, you should immediately look into appealing the property tax assessment.

Levies and other factors that impact property taxes

According to the Illinois Department of Revenue, one’s property tax burden can stay the same and even decrease. Property taxes depend on the funds that local districts need in the year ahead and the equalized assessed value of one’s property. If a local taxing district does not raise rates, one’s property taxes can remain the same. Moreover, if the tax base gets larger, the property taxes that you owe could actually go down.

Addressing unfair property taxes

The IDOR states that local officials determine assessments and aim to distribute the tax burden fairly among property owners. Unfortunately, this is not always the case, and some people have to pay excessive property taxes as a result of an unfair assessment. If you believe that your local government has done a poor job with respect to your assessment, you should look into your options and take a stand for your rights.