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INFORMATIONAL ARTICLES
Consumer Reports® Article
"How to cut your property taxes" From an article published in May 2010--Read Article.
What is the Equalization Factor
The Equalization Factor/Township Multiplier is another proportion of the assessment process that can be very difficult to understand and explain. The basic principles and terminology are discussed below. The main purpose of the equalization process is to equitability distribute the real estate tax burden.--Read Article.
Broken Tax System
A widespread opinion heard these days is that "the property tax system is broken". As property values continue to decline, the expectation is that assessments and tax bills should do the same. But it isn't happening and so the conclusion is that "something must be wrong - the system must be broken". In fact, the property tax system is working very much the way it was intended.--Read Article.
Relationship between Assessed Value and Taxes
Values are going down, when will taxes go down? The short answer is your taxes will go down when spending goes down. Taxing bodies such as schools, villages and townships spend money from taxes collected from you. Plain and simple, if taxing bodies spend less, your taxes will go down.--Read Article.
Assessed vs. Current Market Value
There is a difference between the valuation date used for the basis of your assessment and today's value based on current market conditions. The valuation date for assessment purposes is January 1, 2009. As we all know the real estate market is much different in the past two years. The difference in property values in this period can cause misunderstanding between the assessed value and the current market value.--Read Article.
WHY DIDN'T MY ASSESSMENT GO DOWN?
Control Real Estate Taxes - Spending
First, realize more tax spending (bigger budgets) means a bigger tax pie. Taxing bodies can increase spending by issuing new bonds, extending / refinancing existing bonds or pass referendums. In addition, under Illinois law taxing bodies can increase spending by the CPI or 5% per year whichever is less. Plain and simple increase spending increases your taxes; decrease spending decreases your taxes. Even if assessed values decrease, if spending (levy) increases taxes can increase.--Read Article.
Control Real Estate Taxes - Assessmentl
An increase in assessment does not automatically increase taxes. Nor does a decrease in assessment equal a decrease taxes. In today's market, if all values decrease equally then the relationship of an individual assessed value to the total tax base remains unchanged.--Read Article.
Exemptions Reduce Taxes! Do you have yours?
This article details the property tax exemptions.--Read Article.
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