Published on April 30th, 2013 | by MD0
How Kane County Flood Victims Can Get Property Tax Breaks
Source: Daily Herald
Kane County residents who experienced significant flood damage might be in line for a tax break as they try to rebuild. But those breaks won’t ease those homeowners’ tax bill pain this week despite their property’s loss of value.
The first thing property owners can do to mitigate some of their losses is apply for a reassessment of their home. Flood damage can result in a major change in assessed value if property owners can prove the damage was caused by the recent flooding.
A drop in assessed value would then apply to the taxes the property owner would pay in 2014 — not, unfortunately, to the bills that are coming in the mail this week.
“Everything that would be changed would be for the taxable year in which the disaster takes place,” Kane County Supervisor of Assessments Mark Armstrong said. “In Illinois we pay the tax bill one year after the assessments. So nothing positive that happens from this can in any way impact the bill that is going to go out this week.”
Read the rest of the story here.