Does unchanged property value prevent a rise in taxes?

On Behalf of | Jun 7, 2022 | property tax appeals | 0 comments

Paying property taxes in Illinois might feel like it is becoming the biggest bill you pay each year. With values increasing all across the nation, you might wonder what drives these changes.

If you do not notice much difference in your home’s appreciation, you may question the legality of paying more for taxes.

Calculating values

Even though you might pay more for property taxes despite your home’s value remaining the same, the value of your home does influence how much you pay. Multiple factors impact your home value including its size, layout, renovations and location.

Your property tax levy or mill levy refers to the tax assessment rate for your area. According to Realtor.com, this rate varies substantially depending on where you live. Local amenities, reputable school districts, availability of first responders, playgrounds, and parks and trails all influence your rate.

Calculating how much you owe in property taxes requires you to input both of the aforementioned figures in a specific formula. You can work with a professional to calculate this number or you can get a rough estimate with the help of online calculators.

Appealing a tax bill

Because your local municipality sees continuous growth or may need more revenue to update aspects of the community, a rise in property taxes could still happen despite a stagnant home value. You could also notice an increase in your taxes if an assessor incorrectly calculated the value of your home.

If you file an appeal within the required 30 days, you have the right to dispute the amount you owe. With the help of your legal team and careful adherence to the instructions for the appeals process, you could have a chance to lower the amount you owe or receive an exemption altogether.