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TAXES, TAXES, TAXES in Wheeling Township

Do you know what the current assessment on your home and how it will change?

What is your current assessment amount? Will it change? 

In Calendar Year 2013, all of the property north of North Avenue but excluding the City of Chicago (ie: northwest suburbs) will be re-assessed. The re-assessed values will be your property’s value for property tax purposes for the next three years.
 
There are 13 townships in the northwest suburbs to which this applies; namely, Barrington, Elk Grove Village, Evanston, Hanover, Leyden, New Trier, Niles, Northfield, Norwood Park, Main, Palatine, Schaumburg, and Wheeling. 
 
You will receive the proposed 2013 Re-Assessed Values in the mail. Property owners have only 30 days to file an assessment appeal with the assessor’s office once the notice is mailed.
 
Property owners in the City of Chicago and all property south of North Avenue will also have an opportunity to appeal their taxes. There are 38 townships in Cook County. After the Cook County Assessor completes the appeals for a given township, you may then file an appeal with the Cook County Board of Review.
 
In Cook County, the “assessed value” of your property is the current market value multiplied by 10 percent. In all other counties, it is the current market value multiplied by 33 percent.
 
The best indicator of value is a recent 2012 HUD-1 Statement received at the time of purchase of your home. The second best indicator of value is an appraisal by a licensed appraiser. If you purchased your home in calendar year 2012, you have the best evidence of its value. If you plan to have an appraisal undertaken, you want the appraisal to indicate the value as of January 1, 2012.

Finally, in Cook County, if the assessed value is lowered in the year of reassessment (ie: 2013 for the Northwest Suburbs), then the new lowered assessment is used for the next three years. For the other townships that are not in their year of reassessment, the lowered assessed value is applicable only for that year.
 
Should you have any questions regarding appealing your property taxes please do not hesitate to contact me. I would be glad to assist you.

Holly Connors is a senior broker and founding member of @properties. For more information, Holly can be reached at 773.862.0200 or holly@atproperties.com. You can also visit her website at hollydanielsonconnors.com.

Truthful James March 09, 2013 at 08:53 PM
Taxpayers need to know some additional facts as well. The comparables which your assessor uses will be based on their calculations in the reassessment on like properties. That means sales in 2012 will be considered as long as the house falls into the same category (ranch houses are in category 2.04 if greater than 1,800 sq.ft., etc) But the assessor goes back more than one year in attempt to make the comparable as high a valuation as possible. That is, he will try to minimize the effect of the housing recession. I have been walking around the neighborhood, with dog, so Iam familikar with the sales. I am fortunate to have 3 comparable 2.04 which sold publicly (not foreclosed) within three blocks and am using those.. When you get the notice, work quick and document. The Assessors proposed valuation for residential property is 10% of estimated market value. There is a different ratio for other categories. Commercial, for instance is 25% of EMV. More below.
Truthful James March 09, 2013 at 09:04 PM
The State, before the valuations are final, provides an equalization factor for all properties in Cook County. They have records and use sales ratio studies to make all property to conform with the Constitution to 33 1/3 percent of market value. It hs hovered around three times the Assessed Value. If the Assessor says $40K (EMV = $400K), the multiplier takes the equalized value to $133K. That is the valuation against which the tax rates will be set and determine what you will pay. A business property with the same EMV in Cook County will have an AV of $100K and an equalized value for taxes of $250K Sock it to me, Goldie. For all those in BG in Lake County all properties in the County are valued at one third of market value and the Lake County property is usually equalized darn close to 1.0 and not 3. So the Cook County commercial property pizza shop owner is paying 2.5 times what the homeowner is for the same value property. It is hard to separate out the residential parcel south an north of Lake-Cook Road in BG. Cook County residents by ratio are paying nominally less on their tax bill than Lake County residents -- or that is what the NW Cook County Board members say. It s=depends on the line up of taxpayers and the relative burden. Look on your tax bill. Compare the rates on comparable County Boards, Forest Preserve Districts. Don't forget the Metropolitan Water Reclamation District in Cook, etc, etc. Happy to dive deeper but this enough for today.

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