Progress of the tax process | Republic-Times
Property assessments have been received, appeals have been processed, and the state has issued an official multiplier.
Now, Monroe County is waiting for the county clerk’s office to complete the fourth of five steps in the tax billing process.
In this fourth step, the county clerk is currently reviewing the amount of money each district has requested to determine how many property tax dollars each district will receive.
Columbia School District 4 and Waterloo School District 5 are the two entities that will receive the most funding from property tax collection. At the time of going to press, the Columbia School District is expected to receive over $ 16 million and Waterloo just under $ 22 million.
For the 2019 tax year, the Columbia School District figure was $ 15,361,483.27 and the Waterloo figure was $ 21,194,598.96.
Monroe County Treasurer / Collector Kevin Koenigstein said that to determine this, the county clerk must ensure that these values fall within the appropriate range of the Property Tax Extension Limitation Act and take into account the maximum rates for individual funds.
Because Monroe is a PTELL County, “it cannot raise taxes more than the amount of inflation as determined by the Illinois Department of Revenue,” Koenigstein said.
Under PTELL, County Monroe can increase its tax amount by 2.3% this year. The county saw further growth of around 1.33%, which means that is the percentage of new properties allowed to be taxed during this tax cycle. In total, Monroe County could seek a 3.6% property tax increase. However, Koenigstein said the county would likely only raise taxes by 2% this year.
Once this step is completed, Koenigstein’s office will begin to determine how much each parcel will owe for that property tax cycle based on their property’s valuation. the Republic-Times publish tax rates for each municipality as they become available.
Because Koenigstein has not yet been able to initiate this final step in the property tax process, he cannot give definitive due dates. At the time of going to press, he said he hoped to be able to send out the tax bills in late August. If this projection is correct, the first payment from residents of Monroe County will likely be due in late September and the second in early November.
Koenigstein said the county will send out more than 19,000 property tax bills and that the total amount of taxes Monroe County will collect will be almost $ 66 million. Once this amount is collected, Koenigstein will distribute it among the districts.
The assessor’s office completed its assessments earlier this year, with the results published in the March 17 edition of Republic-Times. The county is divided into quadrants for assessment purposes, with a different quadrant being assessed each year.
The 2020 assessment year, which is what the property tax bills payable this year reflect, focused on the Columbia region quadrant.
Monroe County Appraisal Supervisor Carl Wuertz explained that residential and commercial properties are appraised at one-third of what he believes to be market value.
When assessing property values, properties are grouped into what Wuertz calls “neighborhood categories,” and Wuertz examines the sale price of other homes in that category over the previous three years to determine value. of each individual house.
For example, the figures for the recent assessment year 2020 were based on sales for 2019, 2018 and 2017.
“Each house is assigned a neighborhood number, which roughly defines where it is located, the year it was built and the height of the floor,” Wuertz said. “If you have two 1970s ranches sitting next to each other, their valuation will change in about the same way every year. But, if your 1979 house is right next to one (1980 house), you are in two different neighborhoods.
Farmland is valued differently. It is evaluated according to its type of soil and the corresponding productivity index. Each PI number corresponds to a dollar amount per acre of assessment. A somewhat recent change in legislation explains why some farmers in Monroe County are seeing large increases in the value of their properties.
In 1986, the Agricultural Land Assessment Act was amended so that fluctuations in IP values could not exceed 10 percent. Ultimately, this produced a large gap between the highest and lowest yielding soils, which did not necessarily reflect values based on yields. Wuertz explained that this required a change.
“To preserve the integrity of the Farmland Assessment Act, lawmakers have changed the way farmland is adjusted,” Wuertz said. “Instead of adding a maximum of 10% to each individual PI number, this (10%) Median Value (PI) will be added to each individual PI.”
See the “Why have farmland assessments increased” section in the “forms” section of the county assessor’s website for a more detailed explanation of this change.
If a taxpayer feels their property assessment is too high, they can present evidence to the board of revisors, which is made up of three members who are not employed by the assessor’s office.
Wuertz said that this year there were around 500 case numbers, which include cases of office corrections, home improvement exemptions and complaints. Wuertz said there was no way of knowing how many of those cases were appeals, or how many assessments were successfully challenged.
As what Wuertz dubbed “complaint season” continued, the state technically began the process of determining the county multiplier. This figure compares the market value of the property to its estimated value.
“Every time I certify my assessments, we have an interim summary that goes through the Department of Revenue for review and an interim multiplier. The Illinois Department of Revenue is working on the interim multiplier while the review board is in the midst of appraisal complaint season, ”Wuertz said. “After the review committee makes all of their final changes to the assessment, the final summary is sent to the Illinois Department of Revenue for the final multiplier.”
Monroe County recently received its final multiplier, which is 1.83%. The multiplier ensures that each county in a multi-county district bears what the state considers an adequate share of the tax burden based on the value of properties within it, Koenigstein said.
“Over the past few years, this county has had a positive state multiplier,” Wuertz said. “What that pretty much says is that the Department of Revenue thinks my assessments are too low, so they’re going to raise them even more before taxes are calculated.”
the Republic-Times will provide updates as the property tax process continues.