We hope the following questions and answers will prove valuable to you. The list below represents many of the most commonly asked questions we receive from the residents of Lockport Township. Remember that we welcome the opportunity to serve you and answer any other questions you may have. Feel free to contact us if you need additional help.
Q: How can assessments go
up if the market isn’t going up?
A: Even in a down market, assessments can rise for the following
reasons: By state law, assessments reflect the past three year’s
sales and are based on a valuation day of January 1st of the current
year. Therefore, they would not reflect the current market
conditions.
If you had a recent addition or improvement to your property, the assessment will change accordingly. On homestead property a home improvement exemption will be granted for 4 years, this reduction will be reflected on your tax bill.
Q: Does an increased assessment
automatically mean that my tax bill will increase by the same
percentage?
A: Not at all. In fact, unless one of your taxing bodies (such as a
school district or park district) passed a referendum, aggregate tax
increases are generally limited to the lesser of 5% or the rate of
inflation, whichever is less.
Q: How does my assessment relate to
market value?
A: State of Illinois requires that all property be assessed at
one-third (33.3%) of market value for property tax purposes. To
determine your home’s market value, based on the assessment, simply
multiply your equalized assessed value by three.
Q: What is the "Supervisor of
Assessments Equalized Assessed Value"?
A: The state property tax code requires that the Supervisor of
Assessments apply an equalization factor to all property within a
township (except for farmland or farm buildings) to make assessment
levels uniform among Will County’s townships. This factor can
increase the valuation, decrease the valuation, or leave it
unchanged. The "Supervisor of Assessments Equalized Assessed Value"
is your property’s valuation after equalization is applied. Your tax
bill is calculated by applying a tax rate to this equalized value.
Q: How is my tax bill calculated?
A: Your property tax bill is calculated as follows: Final Equalized
Assessed Value minus Exemptions X Current Tax Rate = Total Tax Bill
Q: What can I do if I feel I am being
over-assessed?
A: The first step is to determine if your assessment is out of line
with the market by using an appraisal, competitive market analysis,
or reviewing sales of comparable homes. Remember that these sales
should have occurred within the prior three years. If your
assessment reflects a value higher than the market, contact the
Lockport assessor’s office.
Q: How do I file a Complaint with the
Board of Review?
A: All complaints (appeals) to the Board of Review must be submitted
in writing within 30 days of township publication. We encourage you
to first call the assessor’s office at 815-838-0780, to see if a
resolution can be determined prior to filing a complaint.
Q: Will my assessment increase because I
recently purchased my home?
A: Typically, your assessment will not be increased simply based on
a recent sale. Assessments generated for taxation purposes are to be
valued using mass appraisal techniques, not on an individual
property basis. This means we are required to look at trends in the
market of similar homes. An individual sale may have unique
influences that do not apply to other homes.
Q: Why does my neighbor pay different
taxes when we have similar homes?
A: It is important that you compare assessed values instead of tax
bills.
1) There are different exemptions available and they do not apply to all taxpayers. Your neighbor’s taxes may be lowered due to an exemption that you are ineligible to receive.
2) Some taxpayer’s are subject to special assessments that do not apply to others. (such as a drainage assessment or a special service area)
3) Newly constructed homes are assessed based on a completion date. If the house was completed in the middle of a calendar year, the home will be assessed on a prorated basis for that first tax billing cycle.
4) Even if you have the same model of home as someone else, the property’s value can vary due to location and amenities. Developers often make upgrades/options available to their base homes. We need to account for these differences.
Q: What will happen to my assessment if
I put on an addition or add an improvement?
A: Any new construction to your property that increases its market
value must be reflected in your assessed value. This may include
decks, patios, sun rooms, finished basements, expanding living
space, etc. Our office receives copies of building permits which
initiates a field inspection to verify the details of the new
construction. Any new value added to the property will be reflected
on the assessment for the following year. The State of Illinois
allows for an exemption on these improvements for a term of 4 years.
The adjustment for this exemption will be applied on your tax bill.
There is a $25,000 cap in assessed value (or $75,000 if full value)
on the amount of value to be exempted.
Q: Do I need an appointment to talk to someone?
A: No. Our office has an open door policy, and there is always someone here to answer
your questions.