steven_ivy_pc
STEVEN IVY P.C. - Illinois Law Firm - Real Estate - Taxation Law
Steven Ivy - Illinois - Law Firm - Real Estate Law- PROPERTY TAX CYCLE -- The property tax cycle is a two-year cycle. During the first year, a property is assigned a value that reflects its value as of January 1 of that year. During the second year, the tax bills are calculated and mailed and payments are distributed to local taxing districts. This two-year cycle can be divided into six steps: 1) Assessment; 2) Review of assessment decisions; 3) State equalization; 4) Levy; 5) Extension; 6) Collection and distribution.
STEVEN IVY P.C. - Illinois Law Firm - Real Estate - Taxation Law
Steven Ivy - Illinois - Law Firm - Real Estate Law- PROPERTY TAX CYCLE -- The property tax cycle is a two-year cycle. During the first year, a property is assigned a value that reflects its value as of January 1 of that year. During the second year, the tax bills are calculated and mailed and payments are distributed to local taxing districts. This two-year cycle can be divided into six steps: 1) Assessment; 2) Review of assessment decisions; 3) State equalization; 4) Levy; 5) Extension; 6) Collection and distribution.