Property Tax Records in Illinois

Illinois has a reputation for having some of the highest property taxes in the country. Currently, the average tax rate in the state is 2.07%. New Jersey is the only state with a higher property tax rate. The high rates are offset somewhat by the many exemptions that homeowners have access to, as well as the low assessed percentage ratio.

When you buy a home, the property taxes you're responsible for paying every year can vary based on where you live. While the average property tax rate in Illinois is north of 2%, there are many counties with rates that are close to 1%. A 1% differential can make a major difference when it comes to how much property tax you owe every year.

In Illinois, property taxes are based on the market value and assessed value of your home. If the assessed value increases, your tax bill will go up. State law requires new assessments to be done every two years. Property taxes are required to be paid in two installments, which are typically due on June 1 and September 1.

Illinois started taxing properties when it became the 21st state in 1818. Until 1930, valuations and collections were handled by the state. This power was handed over to the individual counties in 1930.

There is no specific tax rate for homes in Illinois. While the average rate is 2.07%, each county can set its own. The tax bill you receive each year is based on the assessed value of your home and the amount of money that your taxing district needs for its budget. Most residential properties are assessed at 33.33% of the fair market value. For example, a property with a market value of $300,000 would have an assessed value of around $100,000.

Before calculating your property taxes, keep in mind that Cook County uses a slightly different system for property tax assessment in Illinois. Your assessment level will be set based on the class of property you own. All residential homes in Cook County have an assessment value of 10%, which means that a property with a market value of $200,000 will have an assessed value of $20,000. If the property tax rate in your area is 2%, your annual tax bill will amount to $400. The average tax rates for five of the most populous counties in Illinois are:

Property taxes in Illinois are collected by counties and used to pay for many public services. While each county has some discretion over how it can allot property taxes, school districts typically receive the largest portion of these taxes.

Keep in mind that property taxes need to be paid for almost all residential and commercial buildings. If you purchase a single-family home, you'll need to pay property taxes. Before buying a home in Illinois, you can find out what the average taxes are for that property by searching public records.

Every county in Illinois maintains an online database for Illinois property tax records. Many of these databases allow you to search for properties by neighborhood or address. Once you input an address, you'll see photos of the property. Information about the property and taxes can be found below these photographs. The many types of information that are accessible with property tax records include the following:

Since property taxes in Illinois are among the highest in the country, the state provides homeowners with numerous exemptions and credits that they might qualify for. Below is a detailed look at every exemption available.

General Homestead Exemption: This is an annual exemption available to people who own and live in residential properties. The exemption is equal to the increase in the year's assessed value, up to a maximum of $6,000-$10,000. The amount differs with each county.

Long-time Occupant Homestead Exemption: If you live in Cook County, you may qualify for this exemption if your total household income is lower than $100,000. You can only apply for this exemption if you have lived on the property for five to 10 continuous years.

If you qualify, your assessed value can only increase by a percentage that's based on your household income. For example, the maximum percentage increase for a household with an income of $75,000 or less is 7%. You can't qualify if you also apply for the low-income senior citizens exemption or the general homestead exemption.

Homestead Exemption for Persons with Disabilities: If you have a disability and own a home that you maintain as your primary residence, you likely qualify for this exemption. It will reduce the assessed value of your property by $2,000 every year.

Standard Homestead Exemption for Veterans with Disabilities: Qualified veterans with disabilities can apply for this exemption, which reduces the property's assessed value. To qualify, the property's total assessed value needs to be lower than $250,000. The amount of the exemption depends on the percentage of your service-connected disability. This exemption can reduce your home's assessed value by anywhere from $2,500 to 100%.

Senior Citizens Homestead Exemption: If you are at least 65 years old and own a residence, you may qualify for a reduction in the assessed value of your property. The Cook County homestead exemption is more generous than in other counties. The reduction amounts to $8,000. In all other counties, the exemption is $5,000.

There are also numerous additional exemptions you might qualify for, which include the following:

• Non-homestead Exemptions for Religious, Charitable, or Educational Organizations
• Senior Citizens Real Estate Tax Deferral Program
• Low-income Senior Citizens Assessment Freeze Homestead Exemption (SCAFHE)
• Returning Veterans' Homestead Exemption
• Property Tax Extension Limitation Law (PTELL)
• Natural Disaster Homestead Exemption
• Homestead Improvement Exemption

If you're about to make an offer on a property or want to learn more about an investment, you can search property tax records on your county assessor's website or tax portal. For example, the website for the Cook County assessor allows you to find property tax records by typing in a 14-digit PIN, entering an address, or searching by neighborhood. If you search by neighborhood, you'll receive a list of all the properties that can be found in that area.

You can also choose to search for property tax records with a third-party tool, such as PropertyChecker. This tool makes it easy to search for deed and property records in Illinois. During your search, you should receive a considerable amount of information that can help you research a property and find out if it's worth the money you're about to offer. When searching for property records, you can enter the owner's name, parcel ID, owner's phone number, or address. Along with the property tax records, you'll also receive documents like:

When you receive your property tax bill for the year, compare it to what you paid last year. If you believe that your taxes have increased by an unreasonable amount, Illinois allows homeowners to appeal their property taxes.

However, you'll need to find a way to convince the Board of Review that your tax bill is too high. You can begin the appeals process immediately after receiving your tax bill in the mail. Here's a step-by-step explanation of how to appeal your property taxes.

Step 1: In most counties, property taxes are designed to be paid in two installments. Once you receive a tax bill in the mail, there are two reasons you can file for an appeal.

For example, you can appeal if you believe that the assessor's market value is far higher than the actual market value. You can also appeal if the assessed value is at a higher percentage of the market value than the standard ratio in your county. In most of Illinois, the assessed value should be 33.33% of the market value.

Step 2: Before filing a formal appeal, you can make an informal one. Consider contacting the chief county assessment officer or multi-township assessor in your area. During this conversation, mention that you believe the assessment to be erroneous. If the assessment officer agrees, they may be willing to correct the issue immediately.

Step 3: If an informal appeal fails, you can apply for a formal one with your county's Board of Review. Once you receive your assessment notice, you'll have 30 days to file an appeal. Most counties recommend that homeowners file property tax appeals online. The document you'll need to fill out and submit is PTAX-230, which is a Non-farm Assessment Complaint.

Step 4: Once a date is set for the hearing, make sure you have the evidence you need to prove your case. This evidence includes everything from a third-party appraisal to a list of recent sales prices for comparable properties.

Step 5: Appeal results are often posted in newspapers and online around two months after the appeal period has closed. If you disagree with their decision, you can appeal with the State Property Tax Appeal Board. In the meantime, you must pay your property taxes.

Property tax records can alter the status of real estate transactions. For example, the buyer may discover that the property's assessed value is higher than they would like. A high assessed value means paying more property taxes every year.

If property taxes are too expensive, buyers may choose to search for properties in counties with lower tax rates. Keep in mind that annual property taxes are usually paid in monthly mortgage payments, which means that a high bill can significantly increase how much you spend every month.

When an Illinois homeowner is looking to sell their property, they need to be able to answer questions about tax assessments during negotiations with the buyer. If the assessment is higher than the buyer is comfortable with, the seller may be able to secure an offer by reducing the asking price, paying for repairs, or covering some of the closing costs. Since Illinois is known for its high property taxes, they will be a factor in nearly every real estate transaction.

If you're investing in real estate, high property taxes can lead to a large monthly mortgage payment, which means that you'll need to charge higher rent rates to overcome these costs. It's highly recommended that you do your due diligence before making an offer on a property. Make sure that there aren't any outstanding liens or issues with the property.

In Illinois, homeowners who don't pay their property taxes on time will have liens placed on their homes. The purpose of a property tax lien is to make sure that the county can recover the money it's owed if the owner sells their home.

Before the home is foreclosed on, the tax lien can be sold to investors. In this situation, the property tax lien may be put up for auction, which means that the public will have an opportunity to bid on it. Public auctions are appealing to investors in Illinois because of the high interest rates that are attached to property tax liens.

Keep in mind that tax sales take place once every year. In Cook County, a tax sale typically occurs in December. If you win the bid, you'll need to pay the outstanding taxes immediately. The homeowner will then be given some time to repay their taxes. If they fail to do so, you can begin the foreclosure process.