Ultimate Kankakee County Real Property Tax Guide for 2024

Guide Overview

With our resource, you can learn valuable knowledge about Kankakee County property taxes and get a better understanding of what to consider when you have to pay. If you are considering moving there or only planning to invest in Kankakee County real estate, you’ll learn whether the county’s property tax statutes are conducive for you or you’d rather look for another locale.

Average Property Tax Rate in Kankakee County

Based on latest data from the US Census Bureau

Kankakee County Property Taxes Range

Kankakee County Property Taxes Range

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Based on latest data from the US Census Bureau

You May Be Charged an Unfair Property Tax Amount

Maybe you’re unaware that a property tax bill might be bigger than it should be because of an unfair valuation. This potential is real if considering your property’s value was probably estimated collectively based upon only a few actual tours in your area. Also, appraisers can make errors. But there’s a means to contest the correctness of your tax levy and have it reduced when it’s an overstatement of tax.

If you’ve refinanced recently, be sure duplicate billings haven’t been imposed. Carefully study your tax levy for other possible discrepancies. Each taxpayer’s bill is accessible to visitors on the web. Contrast your property’s set market value against similar homes in your area while at the same time taking special note of just completed closings. Then review any property market price changes both increasing or dropping.

Should you discover what might be a too high tax assessment, it’s time to counter fast. If you can’t decide whether an appeal is a long shot or not, leave it to professionals to decide whether to protest. There are protest companies prepared to take on your challenge that only get paid on a percentage of any tax savings. More information to follow.

What Is a Tax Protest Procedure?

When you think that your property tax value assessment is excessive, you may protest the assessment. Your protest needs to be filed in the county where the real property is located.

You can find the required appeal rules and the documents on the county’s website or at the county tax office. Take your time going over all the regulations before you begin. If you leave out mandatory details or forget a submission deadline, your protest will be kicked out or returned to you to finish.

Your tax notice will provide you with a time frame in which you are allowed to file your protest. Do not lose any time putting together your protest documents or you might miss the deadline.

You will be more successful if you get a complete copy of the appraisal report from the county. Your case may hinge on this. If the assessment method wasn’t observed correctly or the wrong comparable properties were chosen, you might have a strong case for a reassessment.

If you submit a complete presentation with corroborating proof, the county might decide without requiring that you go through an official appeal. In any event, you should be ready to personally present your case to the county’s review board. Your appeal will hinge on demonstrating that your property’s tax value is not accurate. General complaints about tax rates or how fast tax values have grown are irrelevant to your protest.

If you feel that you have proven your arguments but the county didn’t concede, you can protest their decision to your state’s tax assessment office. In the event you need to defend your position in the court, you better solicit for help from one of the best property tax attorneys in Kankakee County IL.

It is your right to appeal your property’s tax value assessment. However, prior to starting on a long process, perhaps you should reduce the assessment to dollars. Thoroughly calculate your actual real property tax including any tax exemptions that you are qualified to use. What looks like a big appreciation in value may only give a tiny hike in your tax payment.

How to Get Your Taxes Reduced for Free?

Sometimes consultants specializing in these appeals charge commission on a ”depending upon” basis. Fees are tied to a percentage of any taxes reduced by your consultant. With no tax reductions, you pay nothing!

Motivated to find ways to save in taxes, these tax advisory firms completely examine your assessment and are ready for possible litigation. They’re particularly proactive on exemption matters, which have shown to be complex and sometimes lead to legal challenges.

For residential real estate, one of two methods is normally used when contesting your billing. Most often, on appeal your re-evaluation will be based on a “sales comparison” or an “unequal appraisal”. Conducted in one locale, sales comparisons estimate market value based upon current sale prices while unequal appraisals uncover alike real estate having disproportionately high estimated values.

Traditionally, a sales comparison approach is the pick of local companies. Usually it’s an onsite examination of the subject real property. Undertaken by a State Licensed appraiser, its evidence is of incontrovertible merit. It cannot be discounted without staging a new entire assessment review. This approach estimates a subject property’s fair market value using present comparable sales data from more similar real estate in the community.

Large companies in particular use an unequal appraisal process for tax savings even when appraised values aren’t out of line with current market values. Locally they initially group like properties of relatively equal assessed value together. These properties’ tax assessments are then matched. Many times a resulting tax bill imbalances that’s 10 percent or more above the representative median level will be reviewed. Be aware that rather than an upfront service charge, clients typically pay on a contingency basis — only when there’s a tax saving.

Select a firm that suits you in the list featuring the best property tax protest companies in Kankakee County IL.

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How Does Kankakee County Real Estate Tax Work?

Illinois statute gives several thousand local public entities the authority to impose property taxes. Yet property owners generally get a single consolidated tax levy from the county. Each unit then is given the assessed amount it levied. There are three basic phases in taxing real estate, i.e., devising mill rates, assigning property market worth, and receiving payments.

Accorded by Illinois law, the government of your city, public hospitals, and thousands of other special purpose districts are authorized to estimate real property market value, fix tax rates, and collect the tax. These entities are legal governmental units operated by officials either appointed or elected. They perform their duties in a discrete neighborhood such as within city limits or special purpose units like recreation parks, sanitation treatment facilities, and fire districts.

The city’s implementation of property taxation must not violate Illinois constitutional regulations. Property not exempted is required to be taxed equally and uniformly at current market values. Owners must also be given a prompt notice of rate increases.

Within those limits, the city determines tax rates. As we’ll explain further, estimating property, billing and collecting payments, undertaking compliance efforts, and working out disputes are all left to the county.

The present-day fair market value of real property situated within your city is estimated by county assessors. The state also establishes instructions that county administrators are required to conform to in analyzing real property. These directives are meant to support consistency across Illinois. This is a prime place to look carefully for evaluation unevenness and mistakes.

With many variations, there are three primary appraisal methodologies for estimating a property’s worth. A Sales Comparison method is accomplished by comparing a property with like properties sold not long ago in the same area. The Income Capitalization method forecasts present value predicated on the property’s estimated income production plus its resale worth. A Cost Approach also is mainly a commercial property value calculation method that adds the land value to the outlay for replacing the structure.

Usually at least once every three years a county appraiser reviews and determines whether to revise property’s estimated worth. That value is multiplied times a total tax levy, i.e. the sum of rates made by all related governing units. Those entities include your city, Kankakee County, districts and special purpose units that make up that total tax levy.

Who and How Determines Kankakee County Property Tax Rates?

According to the state’s laws, real estate appraisals are conducted by counties only. Any revenue impact of that evaluation cannot be a determinant in this calculation.

Under Illinois taxation requirements, reappraisals must be conducted on a regular basis. Typically new assessments utilize a sweeping approach applied to all similar property in the same area without individual property inspections. Missing individual property inspections, unique property characteristics, possibly impacting property’s market value, are missed.

Back in the day, when new homes and commercial buildings were built, appraisers compiled descriptive tax rolls. They included a depiction of all properties by address. Gathered from different sources, these properties were classified based on size, utilization, features, and construction type. Where the real property is located and how it was used were also elements employed to create these groups and then assign market values en masse to them all. Absent an individual tour, this conceivably stale and unreliable information – coupled with fresh sales statistics – is what appraisers are frequently armed with every reassessment period.

To defend some semblance of even-handed market value evaluating, the state has implemented this procedure throughout the state. By reason of this sweeping method, it’s not only probable but also inevitable that some market value evaluations are off the mark. Many times this is a fertile territory to identify protest grounds!

With a total estimated taxable market value determined, a city’s budget office can now compute appropriate tax rates. As calculated, a composite tax rate times the market worth total will provide the county’s whole tax burden and include individual taxpayer’s share. Thus it’s primarily all about budgeting, first setting a yearly expenditure total. After this it’s a matter of determining what combined tax rate is required to meet that budget. In theory, tax receipts will be same as the total of all yearly funding.

Illinois has multiple local governments, including counties and special districts such as public schools, healthcare facilities, and water treatment districts. They all determine their own tax levies depending on budgetary requirements. Nearly all the sub-county entities have contracts for the county to bill and collect their tax.

Both regularly scheduled and impromptu public hearings usually play an important part in this budgetary routine. Kankakee County residents have the right under state law to request a public vote should proposed tax hikes top set ceilings.

The city has to follow dictates of the state Constitution in setting tax rates. Tax rates are prohibited from being increased prior to notifying the public. Then a hearing concerning any planned tax increase is required to be held.

If Kankakee County property taxes have been too costly for your budget and now you have delinquent property tax payments, consider taking a quick property tax loan from lenders in Kankakee County IL to save your home from a potential foreclosure.

What Are Kankakee County Real Estate Taxes Used For?

Property taxes have traditionally been local governments’ near-exclusive area as a revenue source. They’re a capital anchor for public services funding cities, schools, and special districts, including sewage treatment plants, public safety services, transportation, and more.

The number and significance of these governmental services relying upon property taxes can’t be overemphasized. Again, real property taxes are the largest way your city pays for them, including over half of all public school financing. Not just for the county and cities, but down to special-purpose entities as well, like water treatment stations and athletic parks, with all counting on the real property tax.

A big amount of property tax payments goes to public schools. Wages and benefits for public workers are also a significant outlay. Residents’ protection with police and fire departments is a substantial consumer of the budget, also. Then you have road construction and many other public transportation demands. Another must is water and sanitation plants, as well as trash removal. Also there are recreation facilities, like picnic areas, and swimming pools. In other words, “It all adds up!”

How Are Property Taxes Handled at Closing in Kankakee County?

Property taxes are generally paid in advance for a full year of ownership. So who pays property taxes at closing when buying a house in Kankakee County? When buying a house, ownership shifts from the former owner to the new owner. Buyers are now obligated to remit the tax. Thus, the new owner will be paying back the seller for the post-closing piece of the tax.

Customarily those prorated tax prepayments won’t be made straight-through to former owners. Instead, they’ll be added to other obligations of the buyer on final settlement.