Often there are misconceptions about property taxes. For example, who collects them, who distributes them and who gets what.
The Kane County Treasurer’s Office is responsible for preparing the property tax bills, mailing them out and collecting taxes. The Treasurer’s Office has developed a new site for viewing property tax information and paying online. Visit www.kanecountytreasurer.org to access the site and search for your property information. Want to know where your taxes are going? Click the “Taxing Bodies” tab, and you’ll see both a listing and a pie chart showing what each taxing district receives.
The majority of your property tax bill (about 90%) goes to taxing bodies other than the City. The City’s portion of your entire property tax bill is about 10 percent. On a $300,000 home, that means $854 pays for a full year of City services, including 24-hr Police and Fire emergency services, street maintenance, snowplowing,planning, engineering, economic development, and more.
City Strategies to Manage Property Tax Levels
The city uses multiple tactics to reduce its reliance on property taxes to keep its share of your property tax bill manageable. Here are a couple:
The City’s Tax Abatement Strategy Saves Residents Millions
Tax Abatement is the lessening of a portion of the tax levy. Historically, the City has chosen to abate tax levies for repaying its General Obligation Bonds that are issued to pay for large capital projects. Simply put, when bonds are issued to pay for projects, such as the new police station, the City does not use property taxes to pay those back. Instead, the City pays for those projects with revenue from sales, liquor, and hotel/motel taxes, and other general revenues. In 2017, the City’s tax abatement efforts reduced the entire levy by 40%—or $7.3 million total in property tax savings!
Finding, Applying for and Utilizing Grants
The City always works to manage its resources as efficiently and cost-effectively as possible. One way we do that is by taking advantage of grants that are available to us for certain projects. In 2017, the city was awarded $300,000 in grants for projects ranging from 7th Avenue Creek flood mitigation to our urban forestry inventory project.