How is Your Property Valued?
Your Elgin Township Assessor has an important job of determining the fair market value of property within the township (residential, commercial, industrial, farms and vacant land). According to the Illinois Department of Revenue, the definition of market value is the “most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures”. The Illinois Property Tax Code states that property should be assessed at 33.33% of its fair cash value. All properties are valued as of January 1st of each year.
The County and the State monitor assessor values each year so that values throughout the county and state are equitably assessed. When determining the accuracy of values, the township assessors, the county and the state are required by law to consider sales over a three year period prior to January 1st of the assessment year. Therefore, when our office values property for January 1st, 2019, we are obligated to look back at sales that took place during 2016, 2017, and 2018. We are not permitted to just look at the market place that existed on January 1st, 2019.
A general reassessment is required every four years by law, however, with such a changing market, all areas of the Township are continually being monitored and values are being adjusted if necessary.
The Assessor is required to keep current records describing the physical characteristics of each property. This ensures all properties are accurately valued based on property amenities, which allows for a fair distribution of the property tax burden among all property owners. Changes to properties are monitored through building permits, sales listing information and neighborhood reviews. The property transfer declarations are a primary source of sales data.
The Assessor does not create the value of your property, values are market driven. The Assessor interprets your property’s market value using all available sales data and the property’s characteristics.
Why Have a Property Tax?
Local property taxes pay for such items as village, city and county services, schools, libraries, park districts, roads, fire and police protection. Equitable assessments ensure a fair distribution of the property tax burden among all property owners in the township who may use these services.
Assessed Value and the Tax Rate
The Assessor’s value does not solely determine the total amount of taxes collected but is only one variable in the calculation of your tax bill. The amount of taxes you pay is calculated by applying a tax rate to your property’s assessed value. The tax rate is formulated based on how much the governmental bodies levy for their budget that particular year. Understand that regardless of what happens in the market place, it doesn’t guarantee that property taxes will go down. Please remember that property taxes pay for local services. If these local units continue to provide services and increase spending, then property taxes will continue to increase.
What are Your Rights and Responsibilities?
If you have any questions or discrepancies about the value of your property or the characteristics of your property, please call or come to our office to discuss your concerns. My staff and I will be glad to answer your questions or assist you in understanding the assessment process. If you are not satisfied with our resolution, we will explain your option to appeal your value to the Kane County Board of Review.
For more information about the appeal process or appeal deadlines, visit the Kane County Supervisor of Assessments website. Taxpayers may Subscribe to the Kane County Newsletter to have appeal deadlines and other information regarding property assessments emailed to them. Appeal dates and deadlines will also be posted on our Calendar and under our News Flash Page.
Tax Bills & Collection
Tax Bills: Taxes are paid in two installments in Kane County, with the first due June 1st unless the date is extended because of late billing. The second installment is due September 1st. The Kane County Treasurer mails the tax bill to the taxpayers at least 30 days before the first installment is due. It is the taxpayers’ responsibility to keep their address current with the Treasurer. (Change of Address) If a taxpayer does not receive a bill, they should inquire with the Treasurer.
Collection: The tax bill can be paid by mail, at the Kane County Government Center in Geneva (a 24 hour drive up payment drop box is located behind building A), at most banks in Kane County, and via the Treasurer’s website, which accepts e-checks and credit card payments with a convenience fee. To view a tax bill or to verify that a payment has been made, visit the Treasurer’s website.
County Collector/Treasurer – (630) 232-3565 www.kanecountytreasurer.org
|Determining Your Tax Bill:|
|Market Value of Property||$250,000|
|State Assessment Level 33.33%|
|Tax Rate (sample rate 10.2%)||x .102|
|Taxes to be Paid||$7,377|
*Exemption qualifications vary per property
Delinquent Taxes: Properties for which taxes have not been paid are sold by the county at a Tax Sale. Before the sale of such properties taxes, the County Collector will publish a list of the properties for which taxes are overdue and will send notices to those property owners. Once the tax sale occurs, contact the Kane County Clerk for tax redemption.
Other Important Contacts:
Kane County Board of Review: (630) 208-3818 Kane County Board of Review
Tax Rates: Kane County Clerk – (630) 232-5964 http://www.kanecountyclerk.org/
City of Elgin: (847) 931-5615 http://www.cityofelgin.org
Elgin Senior Services: (847) 741-0404 Elgin Senior Services