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Understanding Your Property Tax Bill

By now, you have probably received your property tax bill and I’m sure you are wondering why is it so much and where does that money go? The amount of your tax bill is based on the assessed value of your property. In Illinois, the assessed value is 33 1/3% of the property’s fair market value and the fair market value is determined by the County Assessor. Typically, property is re-assessed every four years and can result in a new fair market value. When you receive your assessment notice make sure the information on there is accurate. Check that the square footage, number of bedrooms & baths, etc. is accurate. If this information is incorrect it can affect the value of the property. If you think there is an error in the assessment you should contact the County Assessor’s office. Once the assessed value of your property has been determined, the County Clerk adds up the tax rates of all the taxing bodies in your area. Different areas will have different taxing bodies reflected on their tax bills. For example, in Freeport our tax bills include the City of Freeport, the Library, Highland College, the Park District, the School District, Mosquito Abatement, Freeport Township and the County. Your tax dollars are divided among all these taxing bodies to pay for the services we receive as well as the employees that provide these services. The Freeport School District receives the largest percentage of the property taxes with a little more than half of the total amount going to the schools. The County is next followed by the City of Freeport,...

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