SUN CITY – As the fair market value of homes in general continues to decline, what is the process by which real estate taxes are determined? What steps can be taken to better manage the process from a home ownersâ point of view? Is there any relief in sight for the next payments this year or for next yearâs bill? Many would like to know.
The process of determining the real estate tax on a home involves many elements often not visible to the tax payer. These include such things as current fair market value assessment, the three-year average market value assessment, the 33 1/3 percent factor, exemptions, equalization factors within a county and between counties, equalized assessed value, taxing district levies, allocation of levies, tax extension, Property Tax Extension Limitation Law (PTELL), rate limitations, apportionment, appeals, petitions, and so forth. In most years, it is of little interest for most tax payers to delve into all of these obscure elements. This year some residentsâ tax statements showed significant increases causing a need for better understanding.
Hosted by the Volunteer Civics Committee and members of P-TAG (Property Tax Assessment Group), on Saturday, June 18, at 9:00 a.m. a presentation is scheduled in Prairie Lodge Drendel Ballroom to inform Sun City residents about how the present real estate taxes were determined, where there may have been unusual occurrences in the process, the apparent effects of such occurrences, and what may be done to address those effects and how to avoid them in the future.
The presentation is open to Sun City residents â bring your identification card â and will last about two hours. At the session, there will be talks by Kane and McHenry county officials involved in the process. Questions will be answered as time allows.
The intended results of the presentation are to inform residents in more detail about the process and to provide them with an understanding of what subsequent actions may be taken to resolve the issues. It may not result in a refund this year, but there is an expectation that some of those with the large increases may see a lowering of the next tax bill.
Sun City residents are encouraged to attend the presentation, bring their questions, and better understand the real estate taxing process. Seating is limited to 380 residents. All attempts are being made to conduct a âliveâ broadcast and re-broadcast the program on Channel 96.
