New Construction: Why did my builder send me a tax bill (i.e. an instant assessment)?
Both seller and buyer owe property taxes for the period of time they own the property. 35 ILCS 200/9‑180 explains that owners of property shall be liable, on a proportionate basis, for the increased taxes occasioned by the construction of new or added buildings, structures or other improvements on the property from the date when the improvement was substantially completed or initially used to December 31st of that year. This allows for the owners and occupant of new construction to pay taxes for the value of their property for the part of the year that it was owned, completed, and occupied. The Supervisor of Assessments Office can answer any further questions on this subject by calling (815) 319-4460.
Related Questions
- Can the Tax Court send my case back to the Department of Local Government Finance or to the Property Tax Assessment Board of Appeals for further action?
- Can the ST Department say that tax should be paid by the builder for the value of construction in respect of which no consideration has been received?
- New Construction: Why did my builder send me a tax bill (i.e. an instant assessment)?
