Informative Articles

Taxes-and-Assessments-Presentation-8-22-2012-Adobe – This presentation is an overview of the taxation process, the assessment process and types evidence used in the appeal process. Please click the link below to view the Adobe version of the presentation

Homestead Exemption Recapture LawThis article describes the process to remove erroneous exemptions

 

Board of Review Rule Change – On March 18 the Board of Review approved a change in thier rules to prohibit tax consultants from representing taxpayers at Board of Review hearings. Taxpayers can still represent themselves or hire an attorney.

Assessor’s Job Description – This is a new informational brochure detailing the duties and responsibilities of the Assessor, the assessment and taxation process

Assessments Down – Taxes UpFor the first time in recent memory assessed values for most all properties have decreased, yet taxes are still going up. How can this be true?? April 2011

Consumer Reports® Article – “How to cut your property taxes” From an article published in May 2010

What is the Equalization Factor – The Equalization Factor/Township Multiplier is another proportion of the assessment process that can be very difficult to understand and explain. The basic principles and terminology are discussed. The main purpose of the equalization process is to equitability distribute the real estate tax burden.

Relationship between Assessed Value and Taxes – Values are going down, when will taxes go down? The short answer is your taxes will go down when spending goes down. Taxing bodies such as schools, villages and townships spend money from taxes collected from you. Plain and simple, if taxing bodies spend less, your taxes will go down.

Assessed vs. Current Market Value – Value based on current market conditions. The valuation date for assessment purposes is January 1, 2009. As we all know the real estate market is much different in the past two years. The difference in property values in this period can cause misunderstanding between the assessed value and the current market value.

Control Real Estate Taxes – Spending – First, realize more tax spending (bigger budgets) means a bigger tax pie. Taxing bodies can increase spending by issuing new bonds, extending / refinancing existing bonds or pass referendums. In addition, under Illinois law taxing bodies can increase spending by the CPI or 5% per year whichever is less. Plain and simple increase spending increases your taxes; decrease spending decreases your taxes. Even if assessed values decrease, if spending (levy) increases taxes can increase.

Control Real Estate Taxes – Assessment – An increase in assessment does not automatically increase taxes. Nor does a decrease in assessment equal a decrease taxes. In today’s market, if all values decrease equally then the relationship of an individual assessed value to the total tax base remains unchanged. Our office is currently revaluing properties in Lake Villa Township. A revaluation is necessary to equitably distribute and redistribute the share of taxes.

Exemptions Reduce Taxes! – Do you have yours? – This article details the property tax exemptions