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When you pay your real estate property tax bill, the Will County Treasurer’s Office distributes the proceeds to 267 individual taxing districts. These districts include your school, library, fire protection districts as well as your village government, to name a few.
Here is what we do to get your money to your taxing districts.
Time of the Essence
State law requires counties of our size to distribute taxes within 30 days of the due date and every 30 days thereafter. Will County; on the other hand, distributes taxes in 14 days intervals as prescribed in a consent decree with Valley View Community Unit School District in 1980. We distribute the same amount of money we would without the consent decree, just more frequently.
Once you pay your property taxes, we deposit that money into a bank account. Once or twice a week, we invest the money we have collected until it is time to distribute the money. A few days before one of our scheduled distributions, we sell shares of the investment (it’s a Money Market Fund) and wire that money to our main bank account at First Midwest Bank.
Once the money settles at First Midwest Bank, we order ACH payments for each taxing district. We also distribute all of the interest we earned from our investment because the county is not entitled to any more of the money than what would be our share of the tax levy.