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Taxes

Property Taxes

Property taxes in Channahon remain more affordable than in many other areas, even while supporting a high level of community services and amenities. The Village's portion of the total tax rate represents less than 10% of the overall rate. Property tax revenues provide for basic municipal services, including police protection.

Other taxing bodies that make up the remainder of the rate include but are not limited to schools, libraries, townships, park districts, fire districts, forest preserve districts, and counties. Total tax rates within the Village will vary by location, depending on the taxing districts in which your property is located.  Additional information on property taxes can be found at the Will County Treasurer's Office.

You can determine which taxing districts your property is located in by reviewing your tax bill. If the Village of Channahon is not listed on your tax bill, your property is located in an unincorporated area of Will or Grundy County. If you are buying or building a home, be sure to ask your builder or real estate agent for this information.

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Calculating Taxes

All property in Illinois outside of Cook County is assessed at 33 1/3% of fair market value. A house with a market value of $180,000 would be assessed at $60,000. To ensure that the median level of assessment in all counties is at the 33 1/3% level, equalization factors (multipliers) are issued for townships and counties. Typically in Will and Grundy Counties, these multipliers are at 1.0 or slightly above or below. After the multiplier is applied to the assessed value, which is now referred to as the equalized assessed value (EAV), the tax rate is applied per $100 of equalized assessed valuation. Assuming county and township multipliers of 1.0, the equalized assessed value for the house in this example would remain at $60,000. Taxes payable in the current year are always based on the assessment and tax rates for the previous year. For taxes payable in 2005, which are based on the 2004 tax rate, the total tax rate in the Channahon Township portion of the Village was $7.4325. Applying this rate per $100 of the $60,000 equalized assessed value would generate a total tax bill of $4,460. Of this amount, the Village would receive just 7.9% of this amount, or $352.

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Property Tax Exemptions

The General Homestead Exemption is available for residential property that is occupied as the principal dwelling place by the owner or a lessee with an ownership interest. The amount is based on the increase in the current year's EAV above the EAV of the property in 1977. In Will County, the standard exemption is the $5,000 maximum amount allowed under state law. For new homes, the $5,000 exemption is available after the home has been owner occupied for one year. The exemption reduces the assessed value upon which property taxes are paid.

The Senior Citizens Homestead Exemption is available for persons age 65 or older who own and occupy or lease and occupy the property as their residence. The exemption reduces the EAV by a set amount of $3,000.

For more information on these exemptions and others, contact the Will County Supervisor of Assessments Office at 815/740-4648 or the Grundy County Supervisor of Assessments Office at 815/941-3269.

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Tax Rate Comparisons

Channahon's tax rate compares quite favorably with surrounding Will and Grundy communities.

Note: These are typical tax rates for each community.
Tax rates will vary within the same community depending on the exact location of an individual parcel.