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How does property tax calculated

how does property tax calculated

An assessment is the property value that is officially entered in the county assessment books (sometimes called the "tax roll"). This value is used to determine what portion of the total tax burden each property owner will bear. Your assessed value is 33.33% of the fair market value of your property. Remember, Will County uses a three-year study to determine assessments; therefore, we are always a year behind. For example, 2012 assessments are based off of sales from 2009, 2010, and 2011.

Market value is the amount at which a property would sell in a competitive and open market, presuming that (1) both the buyer and seller are knowledgeable about the sale and are using sound judgment by allowing sufficient time for the sale and (2) the sale is not affected by undue pressures (e.g. foreclosures, bankruptcy, etc.).

One or more of the following three methods is used to determine market value:

Market data - Similar, neighboring properties that have sold recently are compared to the property being assessed.

Cost - The cost to reproduce (or rebuild) the property is calculated, the amount for depreciation (e.g. wear and tear, age) is subtracted, and land value is then added.

Income - The present worth of the income from an income-producing property is calculated by measuring the amount, quality, and durability of the future net income the property can be expected to return to an investor.

How can I tell if my assessor has placed a fair value on my property?

The first method is to compare the fair market value of your property with recent sales of

similar properties in your neighborhood. This method is appropriate if you have recently purchased your property or have obtained a professional appraisal. The second method is to compare the assessed value of your

property with similar properties in your neighborhood. You can get this information from your township assessor or the supervisor of assessments office.

It is strongly recommended that you discuss your assessment with your township assessor before you file a complaint. If you’d still like to file a complaint after you talk to your assessor, you may file an appeal with the Will County Board of Review. For details for filing an appeal, call us or drop by our office. Forms are also available on our Web site at Commercial, residential, and farm appeal forms are available to download in PDF format.

What if I think my tax bill is too high?

Once you have received your tax bill, it is too late to appeal your assessment for that levy year. Assessments should be appealed soon after assessment notices are published and mailed in late August of the prior year. Only actual errors of fact (e.g. missing exemptions, incorrect square footage, miscalculation of tax rate, etc.) can be corrected after you receive your tax bill. If you believe an actual error of fact was made on your tax bill, please contact your township assessor. Contact information for your township assessor is available on our Web site.

How does my assessment affect my tax rate?

It doesn’t. Your tax rate is determined by local taxing districts.

Taxing districts are local government units including townships, counties, municipalities, schools, and park districts that use property tax to finance the majority of services that they provide citizens. School districts receive the majority of property tax revenue for education.

If you look at your tax bill, the taxing districts are listed along with the amount each one receives from your tax contribution. The information will look something like the example below:

Category: Taxes

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