2024 Assessed Values Increasing 13%
Real Estate Taxes Increasing 3 to 4%
Lake Villa Township Assessor’s Office has recently completed the 2024 assessments with the blue Assessment Notice to be mailed in September 12.
There will be “sticker shock” due to the application of the equalization factor of 1.1318 to all parcels in the Township.
THIS DOES NOT MEAN YOUR TAXES ARE GOING UP BY 13%.
Spending Controls Tax Increases
The primary driver of real estate taxes is the spending by taxing bodies. When these bodies increase spending, taxes rise; conversely, when they decrease spending, taxes fall. The Property Tax Extension and Limitation Law (PTELL) caps the annual increase in spending to the lesser of the Consumer Price Index (CPI) or 5%. For the upcoming tax bill payable in 2025, this increase is set at 3.4%. Consequently, it is very likely that taxes will increase by 3 to 4% next year.
Changes to Assessed Value
When all parcels increase in value equally, your “slice of the tax pie” remains the same relative to the total value of all parcels. This year, all parcels are increasing at the same rate due to the application of the equalization factor. As a result, tax bills will remain relatively stable, with changes primarily driven by the spending of taxing bodies.
This was not the case last year during the quadrennial reassessment. Every four years, assessors are mandated to re-evaluate all property values. During these reassessments, changes to assessments are not equal—some properties change little, while others change significantly. This shifts the tax burden, altering the “slices of the tax pie” and resulting in unequal changes to individual tax bills.
Level of Assessment
The level of assessment for Lake Villa is currently 29.5% below the state-mandated level of 33-1/3%. To achieve the 33-1/3% level, an increasing factor must be applied. Lake Villa is not alone in receiving a large factor; other townships in Lake County have factors ranging from 1.09 to 1.14. Many jurisdictions throughout the state will receive similar increasing factors.
The function of this multiplier, beyond its numerical value, is to ensure assessments are equitable and reflect current market conditions.
My office hopes to make this difficult and confusing process understandable. If you have any questions, please reach out to my office.
Office is Open
Lake Villa Township Assessor’s Office is open to the public. We can assist residents during normal business hours. Additionally, taxpayers can phone or email regarding assessment, real estate taxes and exemption questions.
- Phone: 1-847-356-2383
- Email: Assessor@LakeVillaAssessor.org
Links
Lake County Website for Property Information
- Assessment, Real Estate Taxes, and Property Tax Extension data
http://www.tax.lakecountyil.gov
Jeffrey A. Lee
37850 N. IL Rte. 59
Lake Villa, IL 60046
Phone: 847-356-2383
Email: Assessor@lakevillaassessor.org
Office Hours: Monday – Friday 8:00 am to 4:00 pm