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Lake County Property Tax Bills: What You Need to Know
Lake County property tax bills will be mailed out on May 1st. Payments are due in two equal installments: Due June 4th and September 4th.
Taxes Are Increasing — Here’s Why
Due to inflation, local taxing bodies are permitted to increase spending under the Illinois Property Tax Extension and Limitation Law (PTELL). This year, spending adjustments are based on the current inflation rate of 3.4%.
However, tax bills are rising even more than expected:
· The average increase is 5% in Lake Villa Township.
· Of the 28 jurisdictions, 10 are increasing spending by more than 4%.
· Schools have seen the largest spending increases—some districts are experiencing over a 10% increase!
· The Lake County Forest Preserve passed a referendum increasing spending.
Amid these increases, Lake Villa Township stands out—it is the only taxing jurisdiction that did not increase spending!
Taxes Increase Comparison
Use the link below or navigate to the tax comparison page to find a detailed comparison of average tax bill increases. The spreadsheet is sorted by Village and then by the various school districts in combination within the area. https://lvassessor.org/tax-comparisons-and-graphs/
Understanding School Spending Increases
Several school districts have very large spending increases this year as detailed on the Spending Comparison chart. For school districts the primary driver of increase in spending is the Property Tax Relief Grant (PTRG), which some districts received in Levy Year 2023 but did NOT receive in Levy Year 2024. The PTRG played a crucial role in tax relief last year. Here’s how it impacted your tax bill:
· In Levy Year 2023, some districts received the PTRG, allowing them to lower their tax levies and provide relief to local taxpayers.
· However, eligibility for the grant changes each year based on state funding availability and criteria set by the Illinois State Board of Education.
· Unfortunately, several districts did not qualify for the PTRG in Levy Year 2024, meaning they had to return to their full levy amount, making it appear as though spending increased—when in reality, it was a result of losing the prior year's relief.
While this may seem like a sharp increase, it's not necessarily due to a spike in spending—it reflects the absence of tax relief previously applied.
Need Help? The Assessor’s Office Is Open
The Lake Villa Township Assessor’s Office is open to the public and ready to assist residents with questions about: Property assessments; Real estate taxes or Exemptions
You can also phone or email for support during normal business hours.
· Phone: 1-847-356-2383
· Email: Assessor@LakeVillaAssessor.org
Jeffrey A. Lee
Lake Villa Township Assessor
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