Your Tax Bills Are Coming Soon!
May 4th Property Taxes Are Coming!
And Other Related Information:
May 4th Property Taxes Are Coming!
What is your government going to stick you with?
How is my tax bill calculated?
Tax
dollars are determined by multiplying the assessed value of your
property, less any exemptions, by the tax rate for your area. Assessed
value is equal to 33 1/3% of market value. For example, if your property has a market value of $300,000 your taxes would be calculated as follows:
|
Example |
| Market Value ÷ 3 = Assessed Value |
300,000 ÷ 3 = 100,000 |
| Assessed Value – Exemptions = Taxable Assessed Value |
100,000 – 6,000 = 94,000 |
| Taxable Assessed Value x Tax Rate = Tax Dollar Amount |
94,000 x 0.071705 = $6,740.27 |
Ok, so my assessment is one-third of my market value; how is my market value calculated?
Market
values are determined by looking at comparable sales occurring over the
prior three years. (For 2012 values, sales from 2011, 2010 and 2009 are
used) These sales must also be valid, non-foreclosures, non-short
sales. Additionally, list prices of homes currently up for sale are not
considered.
What determines the tax rate for my property?
The
tax rate is determined by the amount of money levied for by the various
local government entities, like the school district, village, county,
library, parks, etc... who receive your tax dollars.
When are taxes due?
Usually, real estate tax bills are generated and mailed out by the Will County Treasurer's Office on May 1st. In Will County, property tax
bills are paid in arrears, meaning that the bill mailed on May 1, 2013
is for the 2012 tax year. The first installment is due June 3rd and the
second installment is due September 3rd. Payments should be made at the
Treasurer’s Office, online or a participating bank. The township cannot accept tax bill payments.
HAS YOUR PROPERTY BEEN SEIZED?
LET'S LOOK AT THE JOLIET TOWNSHIP TAX LEVY FOR A MINUTE...
On May 22nd, 2012, the Township approved its "tax levy" for the time period starting April 1st, 2012 to March 31, 2013. Which means that it soon will be approving another year's levy in this upcoming May of 2013 (covering April 2013 to March 2014). Let's take a look again at what they did to the Citizens of Joliet Township:
That's
right... The taxes went up every year from 2009 to 2013. In fact they
went up by 37% in the past 4 years! However, for some reason the
majority of the citizens, who came out to vote in the April 6th
elections, found this acceptable and re-elected the exact same
politicians for the next 4 years (for 2013 to 2016). What do you think?
Will the taxes rise in the next 4 years? You too can get a copy of the
new Township Tax Levy through a FOIA request this May or June. Keep
your government honest.
