Kankakee Times

It’s not too early to prepare for next year’s property tax bill by considering steps to get it reduced. 

In Illinois, property taxes are paid in two installments. First installment tax bills for 2016 were mailed to property owners in mid-May, according to the Kankakee County treasurer; the second installment is due Sept. 1. When 2017 property assessment notices are mailed in the fall, property owners will have a small window to appeal the calculations that determine what they owe.

Two factors determine a tax bill in Illinois: the assessed value of a home and the tax rate, according to Nolo, an online legal guide.

The tax rate depends on where a taxpayer lives, and the taxable value of a home is determined by Kankakee County township assessors. In most Illinois counties, such as Kankakee County, the taxable value is one-third of the home’s market value. Cook County is an exception at 10 percent.

To calculate what a taxpayer owes, the assessed value is multiplied by the tax rate. For example, if the taxable value of a home is $300,000 and the tax rate is $10 for every $1,000 of taxable value, the property tax for the year would be $3,000.

The more a home is worth, the higher the tax bill. But the assessment isn’t always correct, according to Nolo. Records on a home may not be accurate and could ultimately inflate the tax bill.

Property owners who think the assessed value of their home wasn’t correctly assessed can challenge the assessment by contacting the township assessor, who may agree to alter the assessment. Alternatively, taxpayers can file a complaint with the Kankakee County Board of Review. The deadline to appeal is 30 days after receiving the assessment notice, which is is not the same as the tax bill.

Additionally, Illinois has a number of exemptions that could reduce a property owner’s tax bill.

A complaint may be based on several factors, including a recent sale, new construction and comparable sales. 

Nolo suggests researching the value of comparable home sales as well as checking the tax record at the assessor’s office for inaccurate or incomplete information that could impact the taxable value of a home, including errors in the residential classification, the age and size of the house and property, the number of rooms, defects, the purchase price and tax breaks, such as income, age, disability or military service.

Appealing the assessment may require a $5 to $30 filing fee. Property owners filing an appeal may also consider retaining legal counsel.