Property Tax Lawyers in Frankfort

In Frankfort, Illinois, the government imposes a tax (a legally-mandated payment made to the government) on real property. "Real property" is defined as any piece of land, or object permanently or semi-permanently affixed to the land (such as buildings, trees, minerals, etc.).

Property tax in Frankfort, Illinois is derived by taking a percentage of the appraised value of the property in question. They are usually collected on an annual or monthly schedule.

The federal government almost never imposes property taxes directly. Property taxes are collected nearly exclusively by state, county, and local governments.

How Property Tax is Calculated in Frankfort, Illinois

Usually, Frankfort, Illinois property taxes are determined as a percentage of the property's value. Tax rates vary widely, but they typically run from less than 1% up to about 5%.

To collect the property tax in a fair and consistent manner, Frankfort, Illinois tax authorities need to have an objective formula for determining the value of land under its jurisdiction.

Value, in some ways, is not an objective thing. For example, your childhood home is probably worth much more to you than its simple market value. However, the tax authorities use only objective factors in calculating a home's taxable value.

To this end, the Frankfort, Illinois appraiser will look at things like the state of the real estate market, the size of the land, the presence of additions to the land such as buildings, and the way in which the property is zoned.

How A Frankfort, Illinois Property Tax Attorney Can Help.

The property tax system in Frankfort, Illinois can get pretty complicated. There are many reasons why you might run into a legal dispute regarding your property tax. For example, you may believe that the appraised value of your property was too high, increasing your tax burden unjustly. Or, the state might accuse you of failing to pay your property tax.

If you are affected by one of these, or any other, property tax legal issues in Frankfort, Illinois, you should deal with it properly. If you fail to do so, a relatively minor issue can become much more expensive and inconvenient than it might otherwise have been. So, the assistance of a good tax attorney in Frankfort, Illinois is highly useful in avoiding these issues in the first place, or handling them if they do arise.