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Treasurer Sends Out Property Tax Bills
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The Lake County treasurer is mailing out 264,000 tax bills that will arrive in mailboxes over the next several days. The treasurer collects and distributes taxes on behalf of all of the taxing bodies in Lake County. The first installment due date is June 6, and the second installment due date is Sept. 6. Taxpayers receive only one bill per year.
Property tax payment options include: U.S. mail, drop box, in person at most Lake County banks, and at the Lake County Treasurer's Office, online at www.lakecountyil.gov/Treasurer, or by phone.
More Information.
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Department of Revenue Issues Lake County State Multiplier for 2012 Tax Bill
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When taxpayers receive their tax bills, they will see a line that reads "State Multiplier 1.0186". This number comes from the Illinois Department of Revenue. This means that assessed values will rise 1.86% for tax billing purposes, it does not mean that tax bills will go up by 1.86%.
Over the last five years, the Lake County Board of Review has seen record numbers of assessment appeal filings. The volume of successful appeals, coupled with valuation change requests submitted by local assessing officials, led to the need for a state multiplier that increases assessed values for property tax billing purposes in order to bring Lake County assessed values to the required 33 1/3% of its market value (in the aggregate). This increase in assessed values does not carry forward into 2013.
The assessment process is a way of dividing tax burden. If everyone's value goes up by the same percentage at billing, the relative burden does not change.
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