The amount of tax you will be charged by the government depends upon the location of the property and what is the worth of that property. By multiplying the tax rate with the value of the property, the property tax rate is determined. When you fail to pay the tax of the property, tax lien is put by the taxing authority on that property. It is a clam against financial asset or property that you own, after this you will not be able to sell those properties. Every country has its own taxing value and if you are in Illinois then you might have to pay a high tax rate in such case. Illinois property tax criteria are different and you can take the help of financial adviser on how to reduce the taxes on your property.
How to lower the property taxes?
Challenging the assessment
If you have a local property like fire department or school, you can’t save yourself from the taxes. But if it is your home, you can lower the tax rate on your property. You need to look at the recent sale of the similar property and then calculate the market value of your property. This research work will help you to challenge the assessment authority.
In case, they have recorded that your house has two full bedrooms but you have only one double bedroom and the other is small, it will lower the tax value. You can also take the consideration of senior citizen as that will also lower the tax charged by you.