Example of Will County Property Tax Calculation
Will County calculates property taxes based on the assessed value of the property. For example, if a property is assessed at $100,000, and the tax rate is 2.5%, the property tax would be $2,500.
To calculate the assessed value of the property, the county uses a formula that takes into account various factors such as the property's location, size, and condition.
The county also offers exemptions, such as the homestead exemption for primary residences, which can lower the assessed value and ultimately lower the property taxes.
It's important to note that property taxes also fund local government services such as schools, police, and fire departments. So while paying property taxes may seem like a burden, it's an important way to contribute to the community.
If you want appeal your property tax assessment - contact your local tax assessor.
Will County Property Tax Rates
Below is a table of the Will County Property Tax rates in US dollars per $100 of assessed value:
| Tax | Rate per $100 Assessed Value |
|---|---|
| General County Tax | $0.5500 |
| Forest Preserve Tax | $0.1500 |
| Health Department Tax | $0.0261 |
| River Valley Metro Tax | $0.1000 |
| Joliet Junior College Tax | $0.3895 |
| School District Tax | Varies by district |
It is important to note that the School District Tax rate varies depending on the specific school district. Property owners are advised to consult with their local school district or tax assessor for more information on their specific tax rates.
Who sets property tax rates in Will County ?
Who sets property tax rates in Will County?
The property tax rates in Will County are set by various local government entities including:
| Government Entity | Tax Rate Setting Authority |
|---|---|
| Will County Government | County Board |
| Municipalities | City Council or Village Board |
| School Districts | Board of Education |
| Park Districts | Park Board |
| Township | Township Board of Trustees |
When are property tax rates set?
Property tax rates in Will County are typically set annually, usually in the fall. The specific dates may vary slightly depending on the government entity setting the tax rate. Property owners will receive notification of their property tax rate in the mail prior to the due date for payment.
When is Will County Property Tax due ?
Will County Property Tax Due Date
Property taxes in Will County are typically due on or before October 1st of each year. However, the exact due date may vary slightly from year to year, so it's important to check with the Will County Treasurer's office for the most up-to-date information.
Payment Methods
There are several payment methods available for Will County property taxes. These include:
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Online Payments: Residents can pay their property taxes online using a credit card, debit card, or e-check through the Will County Treasurer's website.
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Mail-In Payments: Residents can mail in their property tax payments to the Will County Treasurer's office. Checks should be made payable to the "Will County Collector."
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In-Person Payments: Residents can also pay their property taxes in person at the Will County Treasurer's office located in Joliet, Illinois. Cash, checks, and money orders are accepted for in-person payments.
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Installment Payments: Will County also offers a payment plan option for residents who are unable to pay their property taxes in full by the due date. This plan allows residents to pay their taxes in four equal installments throughout the year.
Overall, it's important for Will County residents to be aware of the property tax due date and payment methods available to them. Failure to pay property taxes on time can result in penalties and interest added to the amount owed.
If you have more questions - contact your local tax collector.
How is Will County Property Tax penalty calculated ?
Will County Property Tax Penalty Calculation
When a property owner in Will County fails to pay their property taxes on time, they may be subject to penalties and interest. The penalty for late payment of property taxes in Will County is calculated as a percentage of the unpaid taxes.
As of 2021, the penalty for late payment of property taxes in Will County is 1.5% per month, or 18% annually, applied to the unpaid tax balance. Interest is charged at a rate of 1.5% per month in addition to the penalty.
Here's an example to illustrate how the penalty is calculated:
Assume a property owner in Will County owes $10,000 in property taxes due on March 1st, but fails to pay until June 1st. The total amount owed after June 1st would be calculated as follows:
| Date | Tax Owed | Penalty | Interest | Total Owed |
|---|---|---|---|---|
| Mar 1 | $10,000 | $0 | $0 | $10,000 |
| Apr 1 | $10,000 | $150 | $150 | $10,300 |
| May 1 | $10,000 | $300 | $300 | $10,600 |
| Jun 1 | $10,000 | $450 | $450 | $10,900 |
As shown in the table, the penalty for late payment increases each month, and is added to the amount owed along with the interest. In this example, the property owner would owe $450 in penalties, and $450 in interest, bringing the total amount owed to $10,900.
It's important for property owners in Will County to pay their property taxes on time to avoid penalties and interest. If you have any questions or concerns about your property taxes, you can contact the Will County Treasurer's Office for assistance.
Homestead exemptions in Will County ?
In Will County, Illinois, there are several county-specific Homestead exemptions and deductions available to eligible residents. These exemptions and deductions provide relief from property taxes for those who qualify. Here is a breakdown of the available exemptions and deductions and their corresponding information:
Exemptions and Deductions Table
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners who occupy their property as their primary residence as of January 1st of the tax year | Up to $6,000 of the property's assessed value | This exemption is automatically applied when the homeowner files for a homestead exemption |
| Senior Citizens Homestead Exemption | Homeowners aged 65 or older who occupy their property as their primary residence as of January 1st of the tax year | Up to an additional $5,000 reduction in the equalized assessed value (EAV) of the property | If the homeowner qualifies for the General Homestead Exemption, this exemption is automatically applied |
| Senior Citizens Assessment Freeze Homestead Exemption | Homeowners aged 65 or older who have a total household income of $65,000 or less and who have owned and occupied their property for at least two years | The EAV of the property is frozen at the base year value, preventing any future increases due to inflation | The homeowner must file an application for this exemption |
| Home Improvement Exemption | Homeowners who make improvements to their property that increase its value by at least $25,000 | The increase in EAV due to the improvement is exempt from property taxes for up to four years | The homeowner must file an application for this exemption |
| Disabled Veterans Standard Homestead Exemption | Veterans with a service-connected disability of at least 30% and who occupy their property as their primary residence as of January 1st of the tax year | Up to $2,500 of the property's EAV | If the veteran qualifies for the General Homestead Exemption, this exemption is automatically applied |
| Disabled Veterans Homestead Exemption | Veterans who have a service-connected disability of at least 70% and who own and occupy their property as of January 1st of the tax year | The property is exempt from property taxes | The homeowner must file an application for this exemption |
It's important to note that eligibility requirements and exemption/deduction amounts may change from year to year, so it's recommended that homeowners check with their county's assessor's office for the most up-to-date information. By taking advantage of these Homestead exemptions and deductions, eligible Will County residents can save money on their property taxes and reduce their financial burden.
We recommend contacting the Will County Tax Office or a local tax professional for the most up-to-date and accurate information.