UNDERSTANDING THE PROPERTY TAX CYCLE

The assessment cycle starts in August

The assessment cycle typically begins August of each year and goes through to May of the following year, when property tax bills are created by the Treasurer.

Although the value of real estate is as of January 1 of the year, the township assessor does not publish the assessments until August of the year. Publication of current values is what opens the window to file an appeal. that window is only open for thirty (30) days. After thirty days, it is too late to appeal your real estate assessment.

FIRST THINGS FIRST

AUGUST

The Township Assessor establishes the real estate assessment values based on the prior three years worth of sale data and submits it the County Assessor for review and equalization. One review and equalized, the County Assessor publishes and mails notices of assessed value changes to all property whose value increased or decreased for reason other than equalization.

SEPTEMBER

The deadline to file an appeal on your real estate assessment is commonly in September. Once this deadline closes, it is too late to appeal.

OCTOBER TO MARCH

The County Board of Review reviews appeals and holds hearings for taxpayers to present their case. The Board of Review closes March 15.

The County Clerk publishes the maximum tax rate allowable under the Property Tax Extension Limitation Law (PTELL). Taxing Disctricts use the maximum rate to in conjunction with the assessed value of their district to determine the property tax revenue portion of their budget.

December

The third Tuesday in December

APRIL/MAY

Once the Board of Review finalizes all reductions, the new values are certified to the State for final calculation of the tax rate in order to generate the Property Tax Bill. Property Tax bills are typically online and mail in April/May.

Once the County Clerk certifies rge

JUNE

The first property tax payment is due.

The County Board of Review begins session.

JULY

The Township Assessor finalizes the new assessed real estate values and prepares the assessment roll and submits it the County Assessor for review and equalization.