Tax FAQ: My Assessed Value Went Down, Why Did My Tax Bill Go Up?

Tax FAQ: My Assessed Value Went Down, Why Did My Tax Bill Go Up?

Property tax bills for the 2014 (payable 2015) year have been mailed to every property owner at the last known available address; they can also be are now available to be viewed on www.KaneCountyTreasurer.org.

The first installment is due June 1, 2015, and the second installment is due Sept. 1, 2015.Property tax bills for the 2014 (payable 2015) year are now available to be viewed on the  Kane County Treasurer’s website. The Treasurer’s Office is accepting payments right now.

For more information, call the Treasurer’s office at 630-232-3565 or visit www.KaneCountyTreasurer.org.

One of the many often-asked questions about a resident’s tax bill is why and how can your assessed value go down and your tax bill go up. Hey, it happens.

Here’s the FAQ:

Q: My assessed value declined; why did my tax bill go up?

A: Your taxes may be higher than they were last year for any or all of four general reasons:

  1. The local governments (such as schools and municipalities) in your area may have approved a higher tax levy than last year.
  2. While most properties in the county have a lower value than last year, the rate of decline can be different. If your property’s value declined at a faster rate than the average decline in your area (say, 8 percent as compared to a 3 percemt average), your relative tax burden will be less than it was last year. If your property’s value declined at a slower rate than the average decline in your area (say, 1 percent as compared to a 3 percent average), your relative tax burden will be more than it was last year.
  3. You may not be receiving all homestead exemptions for which your property is eligible.
  4. Other properties in your area may qualify for one or more homestead exemptions for which you are not eligible.

For More Information

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