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Lake County Property Tax Bills in the Mail 5/1/2012
Lake County Property Tax bills are being mailed May 1st and should be received by the end of the week. The first installment is due and must be received or postmarked by Monday, June 6 to avoid late penalties. Any payment received after the due date must include a 1.5 percent monthly penalty. Payments can be made by mail to Lake County Treasurer’s Office 18 N. County St., Waukegan, 60085 or online by credit card or e-check at www.lakecountyil.gov/treasurer. .
County residents receive a single tax bill for the full year’s taxes. That bill is payable in two equal installments. The first due date is June 6 and the second installment deadline is September 6. Please note, Lake County taxpayers DO NOT receive a second bill when the second installment is due.
Property owners who DO NOT received a bill, or those looking for payment options, can obtain this by calling the Treasurer’s Office at 847-377-2323 or information is online at address noted below.
Most taxpayers will be shocked to find the tax bills increasing by an average of 3% in Lake Villa Township. Plain and simple spending by the taxing bodies increased which equates to an increase on your tax bill. Please link to my portion of the Lake Villa Township website for much more information (link below).
The bills are for 2011 property taxes, which are payable in 2012. Keep in mind, tax bills are based on the assessment of your property that took place last year and the appeal process has already passed. By law, only factual errors can be corrected once the bills go out, changes can not be made for market valuation issues.
Links
Assessment and Spending Comparisons
www.LVAssessor.org/lvtaxes.aspx
Lake County Treasurer - Real Estate Tax Information
www.lakecountyil.gov/Treasurer
www.lakecountyil.gov/Assessor/AssessmentInformation/Pages/Default.aspx
Property Tax Extension – Taxing body Spending, Assessed Values and Tax Rates
www.countyclerk.lakecountyil.gov/TaxInfo/Tax-Rate-Sheets/Pages/default.aspx
State Equalization Factor
Lake County will once again see a State Equalization Factor. The factor is 2.81% (1.0281) and is calculated on your tax bill. The State views the changes by the Board of Review have created a situation where assessments are lower than 33-1/3%. The State Equalization Factor does not increase taxes. By increasing all assessments in the County, it increases the tax base. Below is a link to the 2010 State Equalization Factor article.
Read Full Article
Assessment Down -Taxes Up
Now the question is, “What about my tax bill? When will that go down?” In all likelihood, it won’t. Assessments are going down because of the decline in the real estate market. Generally tax bills are going up as a result of increased spending by taxing bodies such as schools, villages and townships. If spending doesn’t go down, taxes won’t go down either. Property taxes exist because of local government spending to provide a service. So, if government spending and the “levy” requests do not decrease, most of us will not see relief in our tax bills. In fact, Illinois law allows for increases in spending at the rate of the annual Consumer Price Index (CPI). For the tax bill received in May 2012 the CPI increase was 1.5%. This means spending can increase, so tax bills are up by at least 1.5%, even with assessments going down.
Read Full Article
Tax Facts
· Taxes collected in 2011 from Lake Villa Township alone is $98,168,252 !!!!! This is increased from last year $96,457,954 or +1.8%
· The total assessment for Lake Villa Township decreased -7.4% in 2011
· The median spending increase (taxes) from the taxing bodies is +1.8%
· Of the 30 taxing bodies in Lake Villa Township only 8 had spending decreases
· The average tax bill in Lake Villa Township increased around +3.0%
Taxes
Contact for Lake Villa Township Assessor's Office
Phone: 847-356-2383
Fax: 847-356-4471
Email: LVAssessor@lakecountyil.gov
37850 N. IL. Rte. 59
Lake Villa IL 60046
We are located at Lake Villa Township West Campus
(formerly Gavin North School)
Approximately 1/4 mile south of Grand Ave on the west side of Rte 59
Jeffrey A. Lee
Lake Villa Township Assessor
Lake Villa Township Assessor
Jeffrey A. Lee
Phone: 847-356-2383
Fax: 847-356-4471
Email: LVAssessor@lakecountyil.gov
Lake County Web site - www.lakecountyil.gov |
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