Property taxes in Illinois are determined based on the assessed value of the property, which is determined by the local county assessor’s office. The process of determining property taxes in Illinois involves several steps and factors that contribute to the final tax amount.

The first step in determining property taxes is the assessment of the property’s value. The local county assessor’s office evaluates the property’s market value, which is the estimated price it would sell for on the open market. This assessment is conducted periodically, usually every three to four years, but can also be done annually in some counties.

Once the market value is assessed, the assessed value is calculated by applying an assessment ratio set by the state to the market value. In Illinois, the assessment ratio is currently set at 33.33%, meaning the assessed value is one-third of the market value. For example, if a property’s market value is $300,000, the assessed value would be $100,000.

After the assessed value is determined, the local county assessor’s office applies the local tax rate to calculate the property taxes. The tax rate is determined by various taxing authorities, such as school districts, municipalities, and other local government entities. Each taxing authority levies its own tax rate, which is combined to form the total tax rate for the property.

To calculate the property taxes, the assessed value is multiplied by the total tax rate. For instance, if the assessed value is $100,000 and the total tax rate is 2.5%, the property taxes would amount to $2,500.

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1. How often are property values assessed in Illinois?
Property values in Illinois are typically assessed every three to four years, although some counties may assess annually.

2. Can I appeal my property assessment if I believe it is too high?
Yes, property owners have the right to appeal their property assessment if they believe it is inaccurate. The appeal process varies by county, but generally involves submitting a formal appeal to the county’s board of review.

3. Are there any exemptions or deductions available for property taxes in Illinois?
Yes, Illinois offers several exemptions and deductions for property taxes, including the homeowner’s exemption, senior citizen exemption, disabled persons exemption, and more. These exemptions can reduce the assessed value and, consequently, the property taxes.

4. Can property taxes increase even if the assessed value remains the same?
Yes, property taxes can increase even if the assessed value remains unchanged. This can happen if the tax rates set by the various taxing authorities increase.

5. Are property taxes in Illinois deductible on federal income taxes?
Yes, property taxes paid on a primary residence in Illinois are generally deductible on federal income taxes, subject to certain limitations.

6. How are property taxes used in Illinois?
Property taxes fund various local government services, such as schools, police and fire departments, libraries, parks, and other municipal services.

7. Can property taxes be paid in installments?
Yes, most counties in Illinois allow property taxes to be paid in two installments, typically due in June and September.

8. What happens if property taxes are not paid?
If property taxes are not paid, the local government can place a tax lien on the property and eventually sell it at a tax sale to recoup the unpaid taxes.

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