Illinois bills property taxes a year in arrears: the bill you pay this year covers last year. That one fact explains why your closing statement uses an estimated tax credit, and why a new-construction home’s first bill is rarely the bill you will keep paying.
Your bill starts with an assessment. The township assessor values the home, the county Supervisor of Assessments reviews it, and outside Cook County Illinois assesses most homes at 33.33% of market value, per Kendall County’s assessments office, under the Property Tax Code (35 ILCS 200). Local taxing bodies then set their levies, and the county turns the assessment and the rates into your bill.
Some homes in newer subdivisions in Yorkville and Montgomery also carry a Special Service Area (SSA) line, a separate tax that repays the bonds used to build the subdivision’s roads and utilities. It is not the same as a homeowners association special assessment, which never appears on your tax bill.
Two things are in your control: filing the exemptions you qualify for, and appealing your assessment within the county’s window if it looks high. The guides below cover each step for owners and buyers in Chicago’s Western Suburbs.
Weighing a new-construction home with an SSA, or wondering whether your assessment is worth appealing? Kealan O’Neil can walk you through the numbers for your address. Call or text Kealan at 630-425-8815.