Taxes, Escrows, New Construction,
& Assessments in Will County
In Will County, Illinois ... Property taxes are paid to the Will County Treasurer
twice a year ...
The first installment of Real Estate taxes is typically due around the beginning of June and the second installment becomes due around the beginning of September. When paid, the installments cover the previous year's taxes due.
Example: The payment dates for 2016 Will County taxes were June 1, 2017 for the 1st installment ... and the 2nd installment is due on September 1st, 2017. (Will County taxes, like most IL Counties, are paid one year in arrears).
Escrow Accounts: Many homeowners have an escrow account that includes their real estate taxes (Insurance, Mortgage Insurance, Flood Insurance, etc. may also be included in an escrow.) As Borrowers make each monthly mortgage payment, they see their escrow account build.
Will County Homeowners/Borrowers with escrow accounts are given notice by the County when taxes are due, but it's the Mortgage Lender that pays the tax bill installments out of the monies saved in their escrow account when the taxes come due. This typically is a seamless process.
If you're a New Construction Homeowner and Borrower in Will County: It's important that you pay close attention to the topic of real estate taxes as those taxes "evolve".
What do I mean?
In most cases: The first tax bill a new construction homeowner receives from the County is figured on their home site (vacant property) alone and is minimal.
But once the Assessor acknowledges the sale of that property into a completed home, the property assessment is back-dated to the date of Closing. This typically results in a larger tax bill in the second year of ownership. Many new homeowners are caught off-guard and are subsequently short on tax escrow funds because of it.
It's why I stress to Will County New Construction Buyers/Borrowers:
- Gain an understanding of how taxes work in Will County prior to buying your new construction home
- Make sure you know what your projected (fully-assessed) taxes will be on the home you're buying/building prior to signing a Contract
- Work with a Will County Mortgage Lender that is knowledgeable and well-versed in these matters
Will County Property Assessments: Will County property owners receive an Assessment Notice from their Township Assessor in August of every year.
This notice states what the Assessed Value (not the Market Value) of your property is. This Assessed Value helps determine what your NEXT year's Tax Bill will be.
It's important to know: Should you think your Will County property taxes too high, it is the ASSESSMENT of your property that you appeal ... not the tax bill. Any appeal must be conducted within 30 days of the receipt of your Assessment Notice.
Once you've received your actual tax bill: It's already too late to protest your Property Assessment for that levied year. However, errors of fact can be corrected after you've received a tax bill. (Examples: Missing exemptions, incorrect square footage, miscalculation of tax rate, etc.)
In Will County: The Supervisor of Assessment provides public notice of assessments in local newspapers. They also post the assessment appeal deadlines in papers. (They can also be found on the Supervisor of Assessment website ... and you can also visit your county's Assessor website or contact your local Township Assessor for this information.)
Remember this: Guidance and information is readily available to you on all these topics and more when you contact me. So reach out, I'll be happy to be of assistance.
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