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I have good news concerning property taxes. You might see a decrease in your property tax bill next year.
Since 2007, hundreds of properties within McHenry County have been tax exempted, not paying any property taxes. That is no longer the case. Effective May 23, 2022, #35 Illinois Complied Statutes 200, sections 15-169, state “qualified residence” means real property with an equalized assessed value (EAV) of less than $250,000 that is the primary residence of a veteran with a disability.
In other words, any qualified resident’s property which is greater than $250,000 EAV is no longer exempt from property taxes and must pay the entire amount. This brings in much needed revenues for our schools, police, fire fighters, libraries and villages and reducing everyone’s fair share of property tax burden. Through FOIA requests, it has been confirmed by the Board of Review, McHenry County Office of Assessments.
Joseph Greenwood