UPDATE: More Info on Prepaying Your Kane County Property Tax Bill

UPDATE: More Info on Prepaying Your Kane County Property Tax Bill

Today (Friday, Dec. 29, 2017) is the last day to prepay your property taxes in Kane County

As the U.S. House and Senate have approved a tax reform plan, more Kane County residents are asking about the advantages of prepaying their property tax bills, and there have been long lines at the Kane County Government Center, where the Treasurer’s Office is located.

Kane County Treasurer Dave Rickert said Tuesday (Dec. 26, 2017) that the number of taxpayers applying for prepayment already was well over 1,000, and he expected several times that number by the end of this week.

There are some new questions, however, regarding whether Kane County property tax prepayments will save you money on your federal income tax bill.

Several Kane County Connects readers sent emails today saying they are choosing not to prepay because of their interpretation of the Internal Revenue Service’s most recent news release.

The IRS statement says, in part: “In general, whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017 depends on whether the taxpayer makes the payment in 2017 and the real property taxes are assessed prior to 2018.”

Kane County Supervisor of Assessments Mark Armstrong says the IRS language is vague.

“As you know, we cannot under any circumstances give advice about federal income taxes,” Armstrong said in a Thursday memo to staff. “However, a common question we are being asked is, ‘Are the 2017 taxes assessed?’ We cannot definitively answer that question, as we do not know how the IRS is defining ‘assessed.’ ”

Armstrong’s office is encouraging residents to contact their congressional representatives for clarification.

Rickert emphasizes that each taxpayer’s situation is different, so it’s important to talk to a tax professional to understand the advantages and disadvantages of property-tax prepayments as well as to seek their advice regarding the IRS’s most recent statements.

Why are some people choosing to prepay? Primarily because the federal tax reform calls for an increase in the standard exemption, and they’re hoping to make hay while the sun shines.

“There’s a lot of interest this year because of the tax-reform initiative,” Rickert said. “The way I understand it, the standard exemption goes up to $24,000 per family. For most people, that essentially means the property-tax benefit (of itemizing) is going to go away.”

Many people who do itemize are trying to take advantage of the property tax prepayment this year, but again, be sure to talk to your tax adviser and get the most-recent IRS information before you decide whether it’s right for you.

In order to prepay your tax bill in Kane County, you have to do it by 4 p.m. Friday, Dec. 29, and the form and payment have to be physically delivered to the Kane County Treasurer’s Office. You can’t mail it, email it or send it in electronically.

Click on this link to download and print a copy of the application for prepayment. To submit the prepayment, fill out the form and remit payment to the Kane County Treasurer.

The Kane County Treasurer’s Office is located in Building A on the Kane County Government Center campus, 719 S. Batavia Ave., Geneva.

For more information, visit the Kane County Treasurer’s Office website or call 630-232-3565.

If you visit the Treasurer’s Office, have some patience. The line moves quickly, but it has been crowded every day so far this week.

Kane County Prepayment FAQs

How much can you prepay?

Up to the amount you paid in 2017 (2016 tax bill), rounded down to the nearest $100. For example, if you paid $7,298 in property taxes this year, you would prepay $7,200 for the tax bill payable in 2018.

How do you prepay?

Write a check to Kane County Treasurer, and deliver it in person along with the filled-out application form.

Remember to round down the amount to the nearest $100.

To reach the Kane County Treasurer’s Office by phone, call 630-232-3565.

When to prepay by?

Payment must arrive at the Treasurer’s Office between Dec. 1, 2017, and Dec. 29, 2017. The Treasurer’s Office hours are 8:30 a.m. to 4:30 p.m. Monday through Friday, except holidays.

  • Editor’s note: This article was originally posted Dec. 18, 2017, and was updated on Dec. 22, Dec. 26, Dec. 28 and Dec. 29, 2017.

On the Treasurer’s Office website, click on “Property Tax Prepayment Form” (lower left) to find a form you can download and print.