This Illinois woman’s property tax is poised to jump from $756 to over $10,000 — a shocking 1,222% spike
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Landowners in Montgomery County, Illinois are grappling with a dramatic spike in property taxes after having their bills reassessed.
Brandi Lentz told 5 On Your Side she paid $756 in property taxes last year on a 96-acre tract of woodland in Montgomery County. Next year, she has confirmation that her property tax bill will be more than $10,000 — a shocking 1,222% increase — and she's not alone.
Don't miss
-
Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
-
I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast)
-
You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how
“People are going to lose their property,” said former Montgomery Co. Finance Chair Megan Beeler in her interview with 5 On Your Side. “When you’re looking at a 1,500% increase, a 3,000% increase on property, we’re not going to have the ability to maintain and pay the taxes.”
What caused the sudden increase?
The increase in property taxes stems from a 2007 state law requiring woodland tracts to be taxed like homes, according to Montgomery County Assessor Kendra Niehaus. Up until this year, the law wasn't correctly implemented in Montgomery County. As a result, woodland properties are now taxed at 33.33% of their market value.
Property owners can challenge the assessment through the Board of Review, though a resolution may be difficult due to the lack of township assessors. The Montgomery County Board of Commissioners recently held a special session to address these concerns.
What else can property owners do? They should start by reviewing their assessment details for accuracy. They can also compare recent sales of comparable properties in their area to see if their valuation aligns with market trends. Gathering documentation to support a claim of overvaluation can help build a case for an appeal.
Once an appeal is filed, owners may be scheduled for a hearing to present their case. So, it's important to prepare a well-organized argument supported by evidence and be mindful of deadlines. Having a solid emergency fund can also help homeowners navigate large tax bills without risking losing their properties.
Read more: Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead
How to own property without the hassle
Investing in real estate has always been an attractive option for building wealth, but the thought of managing properties can be daunting.
Content Original Link:
" target="_blank">
