Are you presently ... or are you considering becoming a homeowner in Will County, IL?
Then the WHEN, WHAT, WHERE, and HOW of taxes and property assessments are ... and should be ... very important to you. Property owners (and those looking to buy a home) need to know the following:
How much their property taxes are (or will be)
When tax installments are due
How taxes are calculated
What tax rates are
Where and how to pay taxes
If a Tax Escrow should-or-is required in a monthly mortgage payment
How real estate is assessed
When the real estate is assessed
Should they wish to protest an assessment: When, why, and how to start the appeal process and navigate it
Why do you need to know all this?
Because it directly affects you. Directly and intensely. It affects your property investment, your pocketbook, your monthly (and long-term) finances, your life.
So ... for anyone that presently owns property within Will County, IL ... or is presently under Contract to Buy property ... it's important to know that Revised Property Assessments for the Tax Year of 2019 (payable in 2020) are being sent out soon. And because 2019 is considered a Quadrennial year for Will County, this year's mailing includes all property owners.
When can Will County property owners expect this year's assessment notices?
Notices are being mailed out on August 2nd, 2019.
To help Will County property owners fully understand the assessment process, The Will County Supervisor of Assessments office is hosting Tax Forums in multiple locations across Will County.
The locations and times for this year's Tax Forums can be found below:
So what do you do if you think the new assessment received may be too high?
Here's some info about the appeal process itself ... and some info to help you make an informed decision regarding your property assessment:
First, it's good to know that in Will County, the appeal filing process for the Illinois Property Tax Appeal Board begins the date the Board of Review Final Decisions are published. The deadlines are thirty (30) days from the date of publication.
For the appeal process deadline dates that apply to your area of Will County, please refer to the dates of publication via the link below:
If you feel that the Revised Assessment Market Value Estimate pertaining to your property is unfair, or is based upon incorrect data you have 30 days to file a formal appeal.
This year you have until September 9th, 2019 to file an appeal.
Your formal appeal must be placed with your local Township Assessor. It is the local Township Assessor that maintains a Property Record Card on every parcel located within the township.
This record card is a fact-chart of your property's features and characteristics. The Property Record Card includes info regarding the square footage of the home, the number of bedrooms and baths it possesses, the existence of fireplace, central air, porches, or garage, home's foundation (crawl, slab, or basement), lot size and more.
So what is considered a viable reason to appeal an Assessment?
You can prove an error has been made. Should there be errors regarding your property features on the Record Card being held by the Township Assessor
Note: If you move forward with an appeal, you will be required to provide facts to the Assessor as proof of the errors made/kept on their Property Record Card.
You can provide Comparables.Another way to appeal is to compare your assessment to other similar properties in your neighborhood or area.
You will be required to find, then provide information regarding properties with comparable living area (square footage) and features so a comparison can be made regarding assessments.
What I consider the most impactful method of appealing your assessment:
Providing recent sales activity. I suggest being prepared to provide your own purchase contract and Closing Statement during your appeal, as well.
If using comparables in your appeal, it's also valuable to know how Will County Assessors calculate a property's Assessed Value.
The calculation used by Will County Assessors is:
Estimated Market Value X .3333 = Assessment
$200,000 X .3333 = $6,666.66
In Will County, there are 3 ways in which you can submit an appeal.
Submit your Appeal in person
Send in your Appeal via the U.S. Mail
Use the Will County Board of Review's electronic submission portal to submit your Appeal electronically.
Again:Please remember, there are time limitations placed on the submission of your appeal. Remember, this year's cut-off date is September 9th, 2019.
The Will County Supervisor of Assessment's goal is to always maintain an open dialogue with taxpayers and to provide thorough assistance. If you have questions or concerns regarding your property assessment, please reach out to them via their website or at the number 815.740.4648 ... or your local Township Assessor.
I'm always happy to answer any questions you have regarding mortgage financing. Our conversation will include the crucial role that taxes/tax escrows will play in your home purchase ... and your future monthly mortgage escrow payment.
Please feel free tocontact meso we begin our talk today ...
Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicagoland - IL/WI?
Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.
I'm easily found at:
Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI License #216987