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Landowners in Montgomery County, Illinois are grappling with a dramatic spike in property taxes after having their payments reassessed.
Brandi Lentz advised 5 On Your Facet she paid $756 in property taxes final yr on a 96-acre tract of woodland in Montgomery County. Subsequent yr, she has affirmation that her property tax invoice will probably be greater than $10,000 — a stunning 1,222% improve — and he or she’s not alone.
“Individuals are going to lose their property,” mentioned former Montgomery Co. Finance Chair Megan Beeler in her interview with 5 On Your Facet. “If you’re a 1,500% improve, a 3,000% improve on property, we’re not going to have the power to take care of and pay the taxes.”
The rise in property taxes stems from a 2007 state regulation requiring woodland tracts to be taxed like properties, in keeping with Montgomery County Assessor Kendra Niehaus. Up till this yr, the regulation wasn’t accurately carried out in Montgomery County. Because of this, woodland properties at the moment are taxed at 33.33% of their market worth.
Property house owners can problem the evaluation by way of the Board of Evaluation, although a decision could also be troublesome because of the lack of township assessors. The Montgomery County Board of Commissioners lately held a particular session to deal with these issues.
What else can property house owners do? They need to begin by reviewing their evaluation particulars for accuracy. They’ll additionally evaluate current gross sales of comparable properties of their space to see if their valuation aligns with market traits. Gathering documentation to assist a declare of overvaluation can assist construct a case for an enchantment.
As soon as an enchantment is filed, house owners could also be scheduled for a listening to to current their case. So, it is necessary to organize a well-organized argument supported by proof and be aware of deadlines. Having a strong emergency fund may assist owners navigate giant tax payments with out risking shedding their properties.
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