Washington Township Assessor Details New Veteran Tax Exemption, Rising Farmland Values

Washington Township Board Meeting | September 4, 2024

Article Summary: Washington Township Assessor Patricia Peters updated the board on a new state law that modifies the property tax exemption for veterans and addressed a recent surge in resident calls regarding state-mandated increases in farmland property values. The new law benefits veterans whose property value exceeds $750,000, while the rising farmland assessments are being driven by the state.

Township Assessor Report Key Points:

• A new Illinois law allows veterans to retain their property tax exemption even if their property value is over $750,000, now only paying taxes on the value exceeding that threshold.

• Assessor Patricia Peters reported receiving over 25 calls from residents concerned about a statewide increase in farmland property values.

• Peters clarified the township has no control over these state-set values and is referring residents to the Will County Supervisor of Assessments (SOA) for assistance.

• The SOA recently doubled the property value of a local solar farm, impacting local assessments.

Homeowners in Washington Township, particularly veterans and those with agricultural properties, will see changes in their property assessments due to a new state law and rising farmland values, the Township Board learned on Wednesday, September 4, 2024.

During her report to the board, Washington Township Assessor Patricia Peters explained the implications of a new law affecting the veterans’ property tax exemption. Previously, a veteran would lose their entire exemption if their property value exceeded $750,000. Under the new legislation, veterans in that situation can now keep the exemption. They will only be required to pay property taxes on the portion of their property’s value that is greater than the $750,000 threshold. This change provides significant tax relief for veterans with higher-value properties who previously would have been fully taxed.

Peters also addressed a significant increase in calls from residents concerned about their property taxes. “Peters has received over 25 calls regarding the statewide increase in farmland values,” the meeting minutes stated. She explained that these valuation increases are not set at the local level.

“The state sets the values and has been steadily increasing farmland values over the last several years. The assessor has no control over these increases,” Peters reported. She is referring residents with questions or concerns to the Will County Supervisor of Assessments (SOA) for assistance.

According to Peters, appealing these state-mandated farmland values is typically unsuccessful unless a property owner can prove the assessed acreage is incorrect.

Adding to the complexity of local property assessments, Peters noted that the Will County SOA recently doubled the property value of a local solar farm. This specific reassessment contributes to the shifting tax landscape within the township, as changes to large commercial properties can impact the overall tax base and distribution of the tax burden among all property owners. Peters also highlighted a growing challenge for townships, explaining that many no longer have an assessor and must hire outside help, while others struggle to handle thousands of parcels without dedicated staff.