Tax Explanation

Tax Explanation

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

 

Informational Video

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 2016 values, sales from 2015, 2014 and 2013 are used.  According to state statutes, these sales must be valid, non-foreclosures, non-short sales., etc... Current year’s sales do NOT have an effect on 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, 2016 tax rates will be available in April 2017.

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, 2017 will be for the 2016 tax year. The first installment is due June 1st and the second installment is due September 1st. Payments should be made at the Treasurer’s Office, online or a participating bank. The township cannot accept tax bill payments.

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.