Tax Bills Are Coming
The Q & A below appeared in todays Daily Herald. It provides useful information about how tax bills work and why they continue to rise.
It is a reminder that tax bills are just around the corner. According to the Lake County Treasurer bills are due June 6th and Sept. 6th. Since bills in the past have arrived about 1 month in advance, I expect tax bills to be in your mailboxes around May 6th.
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8 things to know about tax bills By Lee Filas and Mick Zawislak The Lake County clerk’s office tax guru, Wayne Wasylko, answers questions that you may be asking after you receive your tax bill, scheduled to arrive the second week of May: Q. Why is my property tax bill higher than last year’s? A. There are two main reasons. First compare this year’s billable value on your tax bill to last year. If this has increased, then your taxes would increase, even if the rates stayed the same. The second possibility would be if there was a referendum to increase rates or sell bonds. Q. What factors go into determining a property tax bill? A. Each of the taxing districts shown on your bill files a budget and a tax levy (a request for real estate tax dollars) with the Lake County clerk’s office. From these requests, the various tax rates are calculated to be applied to the assessed value of your individual property. For example, the total tax rate of 8 percent times the value of $50,000 equals $4,000 in taxes. Q. Where are the highest and lowest tax rates in Lake County? A. Some of the highest tax rates are found in Zion (10.809 percent) and Waukegan (9.169 percent). There are “pockets” |
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Check out what others are saying about this post...[...] If the money is not coming from a State Tax increase, then it will come from the local property tax owners. You think you pay a lot now in taxes, this is going to make that seem like chump change in a few years. Think about it that when you tax bills come this weekend. [...]