Steps to replace a defective Toilet fill valve
You can sometimes tell if the fill valve is defective by lowering and raising the float thus turning the water on and off. If it does not turn off quickly when the float is raised, the washer inside the valve may have deteriorated. To replace a defective fill valve you must first turn the water supply off. Most often there is a shut off valve on the water supply line just where it comes out of the wall just below the tank. If there is no shut off valve or it does not totally shut off the water as can happen if the shut off valve was installed some time ago, you will have to turn off the water where the supply line comes into your house or apartment.
With newer fill valves, you can easily unscrew the valve assembly from where it attaches at the inside bottom of the tank by grasping the top of the fill valve and turning it counterclockwise. The replacement valve can be screwed into the threaded fitting at the bottom of the tank and hand tightened.
Tip: Be sure that the replacement valve is the correct height for the size of the toilet tank.
In many cases, you will need to detach the water supply line just below the bottom of the tank by loosening the connecter nut on the supply line with a channel lock pliers or adjustable wrench.
Tip: Some water supply lines are flexible and can easily be pulled away from the threaded end of the fill valve. Older installations may have a copper or brass connector line that can be slightly bent allowing it to be moved away from the fill valve line. Sometimes in doing so, the tube will be bent creating a "kink" in the tube. Moving it may also loosen the connection with the tube where it attaches to the shut off valve. You may want or need to replace the copper or brass line with a flexible line of the correct diameter which will be easy to install and less likely to leak.
Before removing the locking nut that holds the fill valve in place, you should remove as much water from the bottom of the tank as you can because when you remove the fill valve assembly, any water will run out of the tank onto the floor. To remove the hexagonal nut that secures the valve to the tank, turn it counterclockwise. Once this nut is removed, you can reach inside the tank and lift the valve and float assembly out of the tank. If you are replacing a valve that has a float attached to the shut off valve with a threaded rod as described above, you will most likely replace it with a newer style valve that has the shut off float that slide up and down the fill valve as described above. As mentioned before, be sure that the replacement valve is the correct height for the size of the tank. Tighten the nut below the tank being sure that the gaskets that seals off the opening inside and below the tank are in place. Then, reattach the water supply line and turn the water back on.
Tip: If you do not replace the water supply line from the valve to the tank, be sure the old washer or gasket has not deteriorated as this will cause it to leak.
Tip: Once the water line has been reattached, check for leaks. Usually, small leaks can be fixed by slightly tightening the appropriate locking nut.
Following these steps should fix any small leakage of water from the tank into the toilet bowl and reduce your water bill.
source: http://www.afb.org/seniorsite.asp?SectionID=66&TopicID=326&DocumentID=5522
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