Property Tax Rates

A millage or property tax rate is a tax based upon the appraised value of a particular property, normally levied on commercial real estate. The property tax is typically levied by the local governing authority of that jurisdiction where the property is situated. This may be a local government, an individual municipality, a federal government, an incorporated county or a state.

In order to find out the cost of your property taxes, you should contact your local County Clerk and inquire about any changes in millage rates. The county clerk’s office will publish a notice in the County Clerk’s Post and will also post notices of change in the County’s website. Property tax rate is determined at the end of each fiscal year by an appointed board of Commissioners. All the information pertaining to the commission are found at the website of the State Board of Equalization.

In addition to local taxes, homeowners and business owners are required to pay the state and/or county taxes. Some local jurisdictions, like Cook County, require a percentage of assessed value as their taxes. Other jurisdictions may be similar but not identical to the state-mandated laws. The property owner should consult with their local tax agency and make sure that all applicable state and/or county taxes are paid.

The amount of property taxes assessed on a given piece of real estate is determined by a variety of factors. Some factors include: number of rooms, square footage of the area, and type of occupation (i.e. private, commercial, or industrial).

The cost of maintaining property can also be determined by comparing the actual cost to what the property owner would charge for the same land if it were free of liens and encumbrances. The property owner has to pay the cost of taxes based upon the sale price of the property and the taxes assessed against the total cost of the land, whether the land is free or owned by a lienholder.

To learn more about property taxes, it would be best to consult a licensed tax attorney. You can also find many sources online that provide information about property taxes, including articles, news, and tax publications. Property tax attorneys are able to advise you of your rights as a taxpayer and their services.

Aside from commercial and personal properties, there are several areas in a city or county that levy taxes based on real estate and property ownership. These areas include: water, parks and recreation, transportation, historic preservation, education, and local utility districts.

While some areas have no sales tax, others do levy a tax on a property owner’s real estate. If you own a home or intend to purchase a home, you may want to check with your County Clerk to see if you can exempt you or your family from paying your local property taxes. This will enable you to save money on taxes that otherwise may be deducted by your local property tax assessor.