There are two major components of the tax system:
Valuation and Taxation
Valuation:
The assessment office establishes the full market value of
the properties in the township.
The assessment is one-third of full market value per Illinois
Statutes.
Taxation:
Taxes are the result of the monies needed to operate each
unit of government shown on your tax bill (county, cities, township,
school districts, fire protection districts, library districts,
etc.). These units of
government levy
their needed monies by certification to the County Clerk toward the
end of each calendar year.
These levy amounts are converted to a tax rate based on the
amount of taxable assessed value within the respective district.
Tax rate formula:
The levy is extended into a tax rate by the following
formula:
People accepted (often begrudgingly)
increasing property values and taxes when the market was good.
As the real estate market shows a decrease it would be
logical to think taxes would decrease as well.
Not so – the taxes will not decrease until the levy amounts
decrease as well. It is
true that an assessment reduction does not necessarily equate to a
reduction of the real estate taxes unless the respective units of
government reduce the amount of monies needed to operate.
Because our 2009
township equalizer was 0.9858 (a negative) all assessments
decreased. In 2008 and
2009 homestead exemptions increased.
These combined situations resulted in a reduced taxable EAV,
then resulting in a higher tax rate for most governments in 2008.
I anticipate the same in 2009.
To the best of my knowledge, final tax rates aren’t finalized
until shortly before tax bills are mailed in early May (2010) for
tax year 2009. Tax bills
are payable in two equal installments, typically early June and
September.
Two links, located in the left-hand column,
have been added to our website that will:
1. connect you to view information
regarding a tax bill
and
2. connect you to the county GIS map
system where you can call up a specific property.
Each location is
from the McHenry County website and has individual instructions
on how to successfully negotiate the site.
Have fun.
WERE YOU BORN IN 1945 OR BEFORE?
If you or one of the owners of your home were born in 1945 or
earlier and the home is occupied as the primary residence you
are entitled to exemptions that will reduce your taxable assessment.
You don’t have to wait until both owners are 65.
1. The Annual Homestead Exemption reduces the taxable assessment by
$6,000.
2. The Elderly Homestead Exemption reduces the taxable assessment by
$4,000.
3. The Senior Assessment Freeze actually freezes the assessment as
long as the owner qualifies per the financial and ownership
requirements within the exemption.
There are other programs available such as the Senior Citizen Real
Estate Tax Deferral and the Circuit Breaker that provide for
reductions in real estate taxes payable.
If you were born in 1946
you are the first year of the ‘Baby
Boomers’ and
won’t qualify for the Senior exemptions until 2011.
SENIOR ASSESSMENT FREEZE – 2010
Green colored Senior Assessment Freeze forms were mailed from the
county to anyone already receiving
the exemption. The form
must be completed using 2009 income information, signed, notarized
and submitted to the county by July 1, 2010.
Since this exemption is based on income which could vary from
year to year, it must be applied for each year to remain in place.
If this is the first year you qualify we will have blank forms
in the township office after
Easter for your use.
Check your eligibility
here.
Whether you are a first time applicant or an annual renewal, we can
provide help. Just
bring your 2009 income information into our office (including Social
Security statements) and we’ll get the form completed and notarize
your signature. We will
make a copy for your files and mail the original to the county.
We make house calls if someone is housebound.
Call the office at 815-385-0175 to set up an appointment.
If you have any questions, just give us a call.
We’ll try and help you through the process.
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Please
remember, according to State of
Illinois Statutes,
we are to assess property at one-third market value.
We are not allowed to assess on individual situations
or the ability to pay. We
are not allowed to ‘step in’ increases over time during
the reassessment process. |
Sincerely,
Carol Perschke, CIAO/I
McHenry Township Assessor
815.385.0175
assessor@mchenrytownship.com
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