January Should Make You Think "Taxes" ... both Income & Real Estate ... in Will County & Elsewhere

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
https://activerain.com/droplet/5m4L
 
 
January Should Make You Think "Taxes" ... 
both Income & Real Estate ... in Will County & Elsewhere
 
 
For those that are property owners in Will County, January 15th, 2020 was a day of great importance ...
 
That day marked the release and publication of the Will County Board of Review decisions regarding property assessment changes for the County.  

It also marked the beginning of the 30-day window for filing an appeal for those property owners that might be dissatisfied with their property's value assessment. (Note:  Appeal Deadline is February 14, 2020)

This information is timely and important to anyone that is a property owner within Will County.  Why?

With the posting of this information, Will County property owners can get a very good idea of what their upcoming tax bills will be.  (Installments for tax payments are typically due on June 1st and September 1st in Will County, in two equal installments.)

A wealth of information is available via the Will County Supervisor of Assessment website at www.willcountysoa.com.  Property owners (lenders and other real estate professionals) can find property information by plugging-in a street number and street name in the appropriate fields made available there.  (Hint: Sometimes the less information used, the better).  

Additional links provide access to other valuable County and property information via this website ... property tax bills being just one such example of info available.  

To find tax bill information, click on "Treasury Tax Info".  The past 5 years of real estate tax history will be available by clicking on the "Five Year Tax Inquiry" link.

A far-right column (2019) will reveal the newest assessment figures for your property.  That information will include info submitted by assessment officials located:

  • Locally (Township)
  • County (Will)
  • State (IL)

Below the total assessment shown (identified as "EQ-TOTAL"), will be any entitled exemptions that a property owner may be eligible for.  The net result of those is the "NET EAV" (EAV = Equalized Assessed Value).  

Ultimately, it's the Equalized Assessed Value ... times the 2019 Tax Rate (to be determined) ... that establishes the annual Tax Bill.   

In many cases, Will County property owners with a mortgage on their property have a Tax Escrow Account set-up within their monthly payment.  Their escrow account allows their mortgage servicer to collect monies each month ... and then pay tax bill installments from the escrow account when due.  

It's important to note:  During this time (in January of any tax year) there is what I call an "unknown factor" involved in the estimation of upcoming tax bills, as the final tax rate has not been announced as of yet.  
 
 
Ultimately, Tax Rates are determined by the Will County Clerk's office AFTER receiving the levies from various entities.  

What are those entities?  

They are:
  • Schools 
  • Park Districts
  • Fire Department Districts
  • Forest Preserve Districts
  • Townships
  • Library Districts
  • Possibly more ...

Each of these entities has an impact on the eventual tax rate.

The above is valuable information for Will County property owners to possess.  And here's why ...

Possible changes in upcoming tax bills are available and duly noted ahead of taxes actually coming due.  That advanced knowledge is beneficial, as it allows property owners time to plan, then act regarding those upcoming changes.

For property owners experiencing a larger uptick in assessment, there may be a need to adjust the amount of tax escrow paid within their monthly mortgage payment.  If this is not performed, a shortage of monies may be found in the escrow account when taxes are due.  

Mortgage holders then must make up the difference due.  Coming up with a lump sum of money at the time the taxes are actually due may prove a hardship for many property owners.

Knowing WHERE and WHEN to look for this valuable information is very advantageous for Will County property owners.  Should you have questions regarding your property's assessment, please contact:

Will County Supervisor of Assessment office
@ 815.740.4648 

Should you have questions regarding the Property Tax Appeal Process, click HERE.  And remember, the deadline for filing an appeal regarding your assessment is February 14, 2020 ... so do not delay.

For my current mortgage clientsif you have tax escrow questions, or are in need of your 2019 mortgage closing statement for tax filing purposes, please contact me at:  

or 815.524.2280
 
 
If hoping to buy or refinance a home or investment property in Will County or elsewhere in the Chicagoland - IL/WI area, please feel free to reach out with your mortgage and escrow questions. 
 
I'm always happy to answers your questions and assist in whatever way I can.  I'll quickly put my 40+ years of mortgage experience hard to work on your behalf.
 

Gene Mundt
 
Mortgage Lender - NMLS #216987 - IL Lic. #031.0006220 - WI Licensed
 
American Portfolio Mortgage Corp.
NMLS #175656
 
 
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
 
 
 
 
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

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Show All Comments
Rainmaker
2,056,977
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - that is funny.  I just went to the mailbox and found two ads for people that help challenge property assessments.

Jan 24, 2020 10:26 AM #1
Rainmaker
2,115,838
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - I started working on my taxes a few weeks ago. You provided excellent information to the people in Will County, IL!

Jan 24, 2020 10:31 AM #2
Rainmaker
3,321,147
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great PSA, Gene... at my end we're just thinking about income taxes... the property taxes were due last month.

Jan 24, 2020 11:19 AM #3
Ambassador
3,913,197
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene OH YES on of the two certain things in life, and neither are pleasant ..... LOL

Jan 24, 2020 01:37 PM #4
Rainmaker
3,446,295
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Gene. Must say, great review of how real estate taxes work. Sometimes the equation is worked backwards. Enjoy your day!

Jan 25, 2020 05:10 AM #5
Ambassador
1,954,929
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

We have helped several clients lower their property tax bills in the past year. Sometimes the assessment folks get it wrong. It's so important for homeowners to pay attention and dare to question when something seems out of line. As for income taxes, well, that's another story. :)   D

Jan 25, 2020 07:32 AM #6
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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