Tax Explanation

When are taxes due?
Real estate tax bills are generated and mailed out by the Will County Treasurer’s Office on May 1st. In Will County, property tax bills are paid in arrears, meaning that the bill mailed on May 1, 2020 will be for the 2019 tax year. This year payments are due June 3rd, August 3rd,  September 3rd, and November 3rd. Payments options are online.

The township cannot accept tax bill payments.

Why did my tax bill increase?
Real estate tax bills typically increase yearly in most of Illinois. Local taxing bodies rely on real estate taxes to fund the services they provide the community. As operational costs increase for the taxing bodies, real estate tax bills increase. Please contact your taxing bodies if you have questions about how tax dollars are spent. Taxing Bodies Contact Info

How is my tax bill calculated?
Tax dollars are determined by multiplying the assessed value of your property, less any exemptions, by the tax rate for your area. Assessed value is equal to 33 1/3% of market value. For example, if your property has a market value of $300,000 your taxes would be calculated as follows:

Example
Market Value ÷ 3 = Assessed Value 300,000 ÷ 3 = 100,000
Assessed Value – Exemptions = Taxable Assessed Value 100,000 – 6,000 = 94,000
Taxable Assessed Value x Tax Rate = Tax Dollar Amount 94,000 x 0.094699 = $8,901.71

Ok, so my assessment is one-third of my market value; how is my market value calculated?
Market values are determined by looking at comparable sales occurring over the prior three years. For 2019 values, sales from 2018, 2017 and 2016 are used. Current year’s sales do not have an effect on the current year’s market values and assessments. Additionally, list prices of homes currently up for sale are not considered.

What determines the tax rate for my property?
The tax rate is determined by the amount of money levied for by the various local government entities, like the school district, village, county, library, parks, etc… who receive your tax dollars. Each year, those taxing bodies submit their budgets, which when added up represent the total amount of tax dollars requested. This total is then compared to the total amount of Assessed Value within the given taxing district. A tax rate is then calculated to achieve the amount needed to meet the levies requested by the various taxing bodies. The levies are set in the fall and the rates are determined the next spring. Therefore, 2019 tax rates will be available in April 2020.

What can be done if I feel my tax bill is unfair?
Once you have received your tax bill it is too late to appeal your assessment. Anytime the Assessor changes your assessment, the Will County Supervisor of Assessments sends notice of the change and publishes it in the newspaper. This typically occurs at the beginning of August. If you feel that your assessment is greater than one-third of your market value or inequitable you have 30 days from publication to file an appeal with the Will County board of Review.

If you are fairly assessed, but dislike the amount of taxes you are paying, you are encouraged to learn how and where tax dollars are spent. Visit the websites and plan to attend board meetings of the taxing bodies in your district. Levy information is available on the Will County Clerk’s website. If you have questions about the rate charged by a specific district, contact them directly. Most elected officials are available via phone or email to address taxpayers’ concerns.

If you have any further questions or concerns, please contact our office at (815) 436-5110 or info@plainfieldassessor.com.

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