Taxpayer Alert Major Changes in Property Assessments Ahead

November 19, 2024 | Indian Prairie CUSD 204, School Boards, Illinois


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Taxpayer Alert Major Changes in Property Assessments Ahead
During a recent government meeting, officials discussed the complex process of property tax assessment and its implications for local taxpayers within the school district. The meeting highlighted the involvement of multiple government entities, including township assessors, county supervisors, and state officials, in the assessment and taxation process.

The school district clarified that its primary responsibility is to adopt an annual tax levy, while the assessment of properties and the application of exemptions fall under the jurisdiction of local assessors and county departments. Taxpayers were encouraged to direct any inquiries regarding property values or exemptions to the appropriate authorities, as the school district does not handle these matters.

A significant point of discussion was the impact of the 2023 quadrennial reassessment, which resulted in substantial increases in assessed values, particularly for residential properties. This reassessment, conducted every four years, led to a shift in the tax burden towards residential homeowners, with some experiencing notable tax increases. Despite the district's tax levy remaining stable, the rising property values meant that the overall tax rate decreased, complicating the financial landscape for residents.

Looking ahead, officials noted that 2024 will mark a return to a standard revaluation year, suggesting that taxpayers should prepare for further adjustments in property assessments and tax implications. The meeting underscored the importance of transparency and communication between taxpayers and the various government entities involved in the assessment process.

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Scribe from Workplace AI
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