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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 informed 5 On Your Aspect she paid $756 in property taxes final 12 months on a 96-acre tract of woodland in Montgomery County. Subsequent 12 months, she has affirmation that her property tax invoice shall be greater than $10,000 — a surprising 1,222% enhance — and she or he’s not alone.
“Individuals are going to lose their property,” stated former Montgomery Co. Finance Chair Megan Beeler in her interview with 5 On Your Aspect. “Once you’re taking a look at a 1,500% enhance, a 3,000% enhance on property, we’re not going to have the flexibility to keep up and pay the taxes.”
The rise in property taxes stems from a 2007 state legislation requiring woodland tracts to be taxed like houses, in keeping with Montgomery County Assessor Kendra Niehaus. Up till this 12 months, the legislation wasn’t accurately carried out in Montgomery County. In consequence, woodland properties are actually taxed at 33.33% of their market worth.
Property homeowners can problem the evaluation by means of the Board of Evaluation, although a decision could also be troublesome as a result of lack of township assessors. The Montgomery County Board of Commissioners just lately held a particular session to handle these issues.
What else can property homeowners do? They need to begin by reviewing their evaluation particulars for accuracy. They’ll additionally examine current gross sales of comparable properties of their space to see if their valuation aligns with market traits. Gathering documentation to help a declare of overvaluation might help construct a case for an enchantment.
As soon as an enchantment is filed, homeowners could also be scheduled for a listening to to current their case. So, it is vital to arrange a well-organized argument supported by proof and be conscious of deadlines. Having a strong emergency fund also can assist owners navigate giant tax payments with out risking shedding their properties.
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Investing in actual property has at all times been a beautiful possibility for constructing wealth, however the considered managing properties will be daunting.
