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 email@example.com. You can also visit her website at hollydanielsonconnors.com.