State Law Targets Property Owners Receiving an Erroneous Tax Break

New state law (effective June 1, 2014) gives the Chief County Assessment Office authority to recapture taxable value in instances where property owners have received homestead benefits erroneously. The new law aims to create a more fairly distributed property tax burden which benefits taxpayers. Lake County is providing an amnesty period for the remaining months of 2014 in order to gain maximum compliance. To get full details on this law, you can visit the Lake County’s web site: assessor.lakecountyil.gov