The 2nd tax payment is due today.  If you escrow your taxes, it is liklely your lender already paid the 2nd installment.

Pay online or mail your payment to:
Winnebago County Treasurer

404 Elm St, Rm 205

Rockford, IL 61101

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The Illinois Property Tax Code has been updated to include foreclosures and  short sales.

Starting, January 1, 2011 - Short Sales and Foreclsoure Sales that meet the following 4 conditions will be included in the IL Department of Revenue's Sale Ratio Study.

1. Sale occurred on or after January 1, 2011
2. Property characteristics and condition are the same as of January 1, 2010
3. The transfer otherwise would have been an arm’s length transaction
4. The total of Short Sales and Foreclsoure Sales equal at least 25% of the total sales within a defoned neighborhood

A Sale Ratio Study is the primary tool in conducting the equalization process.  The Sales Ratio Study provides the Median Level of Assessments for the current year (2011) based on the 3 previous year's worth of VALID sales (2010, 2009, 2008).  This is a statistical analysis, excluding INVALID sales, encompassing a wide geographic area, such as an entire county, township or neighborhood. A Sales Ratio Study is used to calculate the ratio of the assessment to the sale.  In Illinois, this ratio is to be 33.333% of the market value of the property.

The compiled sales ratios from year to year give the IL Department of Revenue an indication of the overall market trend as compared to the existing assessments in a jurisdiction. If the sale study ratios are predominately below 33.333% the assessments must be increased; if above 33.333% the assessments must be decreased. The State advises each County of the results of this annual study. In turn, the County compiles sales studies for each Township and advises the Township Assessor of the overall increase or decreased of the Townships assessments on order to determine the current year's equalization factor.  Rockford Township's 2011 Equalization factor is .9501 which equates to a 4.99% reduction. View other Township Equalization Factors.

The IL Department of Revenue considers an Arm's Length Transaction to be a VALID sale.  Valid sales must meet all the following conditions to be included in a sales study.

1. Conveyance is via a Warranty Deed or Trustee's Deed
2. All parties must be knowledgeable of the market
3. All parties must be able to make informed decisions without undue influence
4. The property must be exposed to the open market
5. The principal buyer and seller are unrelated individuals or corporations
6. The transaction cannot involve a governmental agency as a principal buyer or seller
7. No more than 1 parcel can be transferred in a single transaction
8. As of January 1, the property must be substantially the same as at the time of closing

Friday, September 2, 2011

Township Assessor

Values property within township limits | Directory of Assessors

County Supervisor of Assessments

Equalizes townships within county limits and processes all homestead/tax exemptions | Website

County Board of Review

Accepts assessment appeals and can override the Township Assessor's valuation | Website

County Clerk

Calculates tax rates and conducts the annual tax sale | Website

County Treasurer

Mails tax bills and accepts tax payments | Website