Understanding Your Property Assessment
Understanding Your Property Assessment
Revised Assessment notices are sent out in August by the Supervisor of Assessments’ Office. Physical assessment changes made by the Assessor on an individual property will warrant a notice. However, a notice will not be sent if an assessment change (a positive or negative “factor”) is applied to every property in a neighborhood simultaneously. (This is to save on postage and publishing costs.) Whether a notice is sent or not, all property values will be updated on the Will County Supervisor of Assessments’ website after the individual assessment change notices are mailed in August. Please note that every four years – the “Quadrennial” year – notices are mailed to everyone and all assessed values are published. The next Quadrennial year is in 2023.
The assessed value is one-third of the estimated market value. If you believe your property is worth less than the assessor’s estimate, you should contact our office or see our page How to Appeal Your Property Assessment to begin the appeal process.
Remember, when you receive a revised assessment notice your assessment is being changed. If you feel your property is over assessed, this is the time to appeal, not when you receive your tax bill.