What is Going to Happen with My Property Taxes?

Written by Jill Odzer Lake County Appeal, Commercial Analyst

As I write this, it appears the world is completely crazy.  Covid-19, quarantine, social distancing, PPE – Personal Protective Equipment (I didn’t even know what that was a month ago!) and so much more. 

For property taxes in Lake County, it is business as usual. 

  • Property tax bills were mailed out the first week of May, with installments due on June 8th, August 7th, September 8th, and November 9th.
  • The first 2020 assessment notices are expected mid-July.
  • For 2020, the county is showing tentative multipliers by the township. We are seeing increases of .21% (West Deerfield) to 9.03% (Waukegan). Assessments are .3333 of what the county believes the value of your property was on January 1, 2020. To check your township, click here: https://www.lakecountyil.gov/389/Equalization-Factors

Rest assured, Lake County Appeal is ready to continue to fight for our clients.  Our job is to minimize the valuation of your home (for property tax purposes only!).  This, in turn, leads to a lower tax bill.  The assessments, in conjunction with the aggregate budgets of the various taxing bodies in Lake County (i.e., schools, libraries, pensions, College of Lake County, etc.), determine the tax rate.  Remember that budgets rarely decrease.

 

Lake County Appeal recommends an annual assessment review, and, if appropriate, an appeal.  An annual assessment review is important because values change annually within neighborhoods and property types.  Don’t miss your opportunity!

 

Though not usually required, the best evidence is when clients obtain an ad valorem appraisal with a valuation of January 1, 2020.  Our staff is happy to give recommendations.  We are here for you.