Champaign County Tax Assessments

Homeowners have from July 1 till early September to appeal the Champaign County Assessor’s value (assessed value) of their homes.  The assessed value is a main component in calculating the actual real estate taxes a homeowner will pay.

The formula used to calculate real estate taxes for residential homes in Champaign County is:

(Assessed Value less any Real Estate Tax Exemptions )  x  Property Tax Rate = Your Real Estate Tax

Your Assessed Value will be equal to 1/3rd of the County Assessor’s determination of the market value of your property.  The County Assessor has a long list of guidelines and rules to follow in determining those amounts.  (A Guide to the Illinois Property Tax Cycle)

You can’t control the tax rates but you can make sure you receive the exemptions you deserve and an accurate assessed value.    With property tax rates ranging from 6% to 9% in Champaign County, a reduction of $10,000 in the assessed value could save you $200-$300 per year.   Bigger reductions will increase this number proportionally.

Take a look at this simple 3-step plan to see if you should investigate this process

  1. Review your current assessed value.  You should have received this in the mail recently.  Otherwise you can find it on the Champaign County Assessors website.  Does it seem high?  The Assessors office suggests you contact them before filing an appeal.
  2. Have a talk with your County Assessor, Realtor or a local appraiser for a reality check.  If you think your assessed value is too high they can give you current insight to make sure you are on the right path.  If you would like current market information on what similar properties have sold for in your neighborhood, check out the Neighborhood Market Snapshot Report.
  3. If your investigation confirms your assessed value is high you’ll want to complete the Residential Propety Complaint Form and call or stop by the Assessors office to review the information with them.  (Please not that as of 6/24/11 the Assessor’s office was still working on correcting pg2 of this form).  Make sure you have the most recent form from the County before you complete and submit it.

July 2014 Update:  Find the most recent info and forms in our newest post on Reducing your Champaign County Real Estate Taxes

Other Resources:  A Guide to the Illinois Property Tax System  and Champaign County Board of Review Rules & Forms

Do you have more questions?  We work with great appraisers and real estate attorneys in Champaign County all the time and are happy to provide a qualified referral.  We are slightly impartial on our favorite Realtors and are happy to talk about that as well 🙂

Mark Waldhoff – Real Estate Broker
Waldhoff Gard & Associates
Keller Williams Realty
Office:  217-239-7114
www.ChampaignExperts.com

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