How Is Your Property Appraised?

Your Elgin Township Assessor has an important job of deciding the fair market value of every piece of property within the township. (Residential, Commercial, Industrial, Farms, and Vacant Land)

The Assessor’s office reviews all the property to be assessed and then values it. Accurate appraisals require constant searching to accumulate significant facts. These facts are then analyzed to estimate the fair market value of your property.

Each year the Assessor needs a set of up-to-date assessment maps showing the size, shape, and location of each parcel. The assessor also needs current records describing the physical characteristics each property; records of sales detailing the price, terms, and conditions of the sale; and records to keep track of current names and addresses of property owners. The property transfer documents are the primary source of the sales data, which is crucial to market value appraisals. Building permits alert the Assessor to changes in property characteristics and to the construction of new properties.

The Assessor appraises each and every improvement by square footage, the story height, age of property, type of improvement, quality of materials used in construction, and notes any extra improvements such as basements, fireplaces, garages, porches, etc.

The Assessor then interprets your property’s market value from all available sales data and from the property’s characteristics.

What is Market Value?

Finding the market value of your property involves discovering the price most people would pay for it in its present condition. It’s not quite that simple, however, because the assessor has to find what this value would be for every property no matter how big or small. Next, by Illinois state law, 33 1/3% of your property’s market value is calculated to arrive at your assessed value.

Why Have a Property Tax?

Properties are appraised so that those of us who want the advantages of having schools, fire and police protection, and other public benefits (which means just about all of us), can absorb our fair share of the cost, in proportion to the amount of money our individual properties are worth.

The Assessor does not create the value of your property. People make value by their transactions in the market place. The Assessor simply has the legal responsibility to study those transactions and appraise your property accordingly.

Assessed Value and the Tax Rate

The assessor’s office has nothing to do with the total amount of taxes collected. The Assessor’s primary responsibility is to find the fair market value of your property so that you may pay only your fair share of the taxes.

The amount of taxes you pay is determined by a tax rate applied to your property’s assessed value. The tax rate is determined by all the taxing agencies – city, county, school districts, and other services available in your taxing district.

What are Your Rights and Responsibilities?

If your opinion of the value of your property differs from the assessor’s, please call or come to our office to discuss the matter. My staff and I will be glad to answer your questions about your property’s appraisal. If we cannot come to an agreement we will explain the appeal process. The assessor’s office relies on the property owner for information. You can help by providing accurate information.

Tax Bills & Collection

Tax Bills: Taxes are paid in two installments in Kane County, with the first due June 1st unless the date is extended because of late billing. The second installment is then due September 1st. The Kane County Collector mails the tax bill to the taxpayers at least 30 days before the first installment is due. It is the taxpayers’ responsibility to keep their address current with the Collector. If a taxpayer does not receive a bill, they should inquire with the Collector.

Collection: The tax bill can be paid by mail, at the Kane County Government Center in Geneva (a 24 hour drive up payment drop box is located behind building A), at most banks in Kane County, and the Treasurer’s web-site now accepts e-check and credit card payments with a convenience fee.

Delinquent Taxes: Properties for which taxes that have not been paid are sold by the county at a Tax Sale. Before the sale of such properties taxes, the County Collector will publish a list of the properties on which taxes are overdue and will send notices to those property owners. At the tax sale, persons known as tax buyers pay the taxes and obtain a lien on the property.

If you have any further questions here’s who to contact:

Assessments:
Township Assessor 1-847-741-5110

Assessment Complaints:
Township Assessor 1-847-741-5110

Kane County Board of Review
1-630-208-3821

Exemptions:
Supervisor of Assessments 1-630-208-3818

Tax Rates:
County Clerk 1-630-232-5950

Tax Bills & Collection:
County Collector/Treasurer 1-630-232-3565

Delinquent Taxes/Redemption:
County Collector/Treasurer 1-630-232-3565
County Clerk 1-630-232-5950

Web-sites:
Elgin Township

Kane County Supervisor of Assessments

Kane County Treasurer