We all know what our property taxes are, but how many have ever explained what they mean? In this video, I go into great depth to explain exactly how the Lake County Government Property Tax levy works and how it affects your tax bill.
Property Tax and the Property Tax levy are some of the more difficult ideas to understand in Government. In this video you will know what a levy is, how it is decided, and how new property development affects the levy and size of spending in a taxing body.
Every four years Illinois Counties reassess every single property on the tax roles for the purpose of levying Property Taxes. Cook County reassesses properties every three years.
2019 is the quadrennial reassessment year for Lake County. Invariably, there will be winners and losers, as some properties have seen significant increases in value since the last quadrennial reassessment in 2015. Homes like Condos and townhomes have seen the largest value increases since 2015. Condo and townhome owners may be in for some unpleasant surprises on their 2020 tax bills. On the flip side, homes that already increased in value prior to the last reassessment may see some tax relief from the 2019 quadrennial reassessment. Homes in the $250k+ range mostly fall into this category. This is because their assessments already accounted for their higher values, and that segment of the market has seen some softening in recent years.
Why does property tax go up even if property values go down?
Why do property taxes always go up even when my home values go down? This is a more complicated concept that I discuss at length in the video. Spoiler alert: It has to do with the fact that your value doesn’t truly determine your property taxes, more specifically, your value compared to the value of others’ homes is what determines your property tax.
What will your tax bill look like in 2020? Will your property taxes be going up again? This video goes in depth to understand your property taxes in their entirety, using very easy to understand analogies and explanations.
If you have more questions or you would like more information after watching the video, please feel free to reach out to me anytime. Stay up to date on what’s happening in Lake County by “liking” me on Facebook. My official page on Facebook is https://www.facebook.com/DICKBARRLAKECOUNTY/ You can also sign up for my newsletter by clicking here:
If you would like more information on Property taxes, please visit my property tax information page here: