Question on assessments

[asmodeus]

Last year I never received an updated assessment for my house and by the time the tax bill came, it was too late to appeal. I was told the assessor didn't have to send out a notice if the value stayed about the same (which was obviously a BS tactic as values had fallen).

Has anyone received their assessments recently or know what the deadlines are? (For Naperville)

Thanks

[sam2]

We had exactly the same experience and was told a similar story, although in my recollection I was told they didn't need to send them period. That the date for publishing in the newspaper was determined by when the county assessor certified them and that there really was no firm deadline. All of which may be true, but if so, it seems like a pretty lousy policy. Another example of how government practices would lead to failure in the private sector.

I was also told that values were for the last three years, although they could not tell me as of what specific date. I was also told that the process was based predominantly on changes in sales values in the neighborhood. So, if my neighbor had done extensive improvements and sold his house for a large price increase, that increase would be applied, in part to my home. My neighborhood is 25 - 30 years old. Many recent sales are for homes with new kitchens and baths, many with large additions and other amenities that are not present in our home. Yet we are assessed based on the sale of those homes. I understand the limitations of the process, I cannot understand the hurdles thrown up to preclude us making an appeal that we most certainly would win.

For the record, we live in Naperville Township and our 2010 assessment is posted on the assessor's website, with a 3.996% reduction. This follows and increase of 1.8% last year and 5.8%the prior year.

We've had a realtor give as an estimated market value and our current assessment is about 8.5% higher than market. (See the remodeling comments above for the reasons.)

Please keep in mind that the spending is still the main force driving your tax bill, not values. Governments need to collect a certain amount of tax dollars -- everything else is driven from that number. If values didn't change and spending increased, your taxes would increase. If spending decreased, your taxes would fall --even if your home value increased. ( All examples assume no changes in the property base in total.)

For years, this area benefited from development and a corresponding increase in assessed valuation. If spending had grown at a lower rate than growth, then our taxes would have all gone down. Instead, it's pretty apparent, IMO, that spending increased far faster than it should have and no one noticed.... Alternatively, you could argue that growth cost the government money, hence the increase in taxes...the truth, as always, is somewhere in-between.

Impact fees related to new schools, far too low. Residents of new homes paid no more than residents living here for decades, yet the new homes were the primary source of students that required new schools...

Now, taxing bodies seem willing to substitute fees for taxes. Just semantics..

[macrockett]

asmodeus, each county controls the local appeals process. So it depends whether you are in will or dupage. Look to the supervisor of assessments:

www.co.dupage.il.us/soa/index.cfm
www.willcountysoa.com/

The board of review controls the actual appeals process. Specifically, you look at the rules for deadlines of filing appeals and other information relevant to the appeals process.

www.co.dupage.il.us/soa/generic.cfm?doc_id=346 (Rules 8-11 are relevant in Dupage)
www.willcountysoa.com/board-of-review/assessment-appeals-process.aspx (Rules 3-15 are relevant in Will)

In the forms section of Will County's supervisor of assessments there is alot of information re appeals: www.willcountysoa.com/forms.aspx (look under the first two sections, general information and board of review)

I haven't looked at the Dupage site in detail but i suspect it has similar information.

After the local level, if you are unsuccessful, you appeal to the Illinois PTAB: www.state.il.us/agency/ptab/

[asmodeus]

Thanks Sam and Mac -- I understand spending is the key component, but many of my neighbors have appealed their assessments in the past to reduce their slice of the pie, leaving me and other suckers with higher relative bills. I just want to make sure I don't miss any deadlines.

[southsidesignmaker]

Asmo,

A few ideas that may help you include talking the same talk with your local tax assessor. Base your case on homes with similar square feet, style and location if possible. Do not use any sales that are foreclosure or short sales as the assessor throws these transactions out (at least they have been in Will county through 2009). If you live in a neighborhood with similar style homes and many sales in the last few years, the process is reasonably easy, you are looking to find an average sq.ft cost. Also make sure you are getting all deductions afforded to you.

A word of caution, if you have done any outside work without a permit (convert a driveway to cement, certain type patios, etc) be aware that most taxing bodies have the newest satellite technology to note these changes.

I have argued my tax assessment and those for others in both Dupage and Will county. About half the time I receive some type of credit. In the case of the Will county office on 91st street, these folks have been most helpful but they also are dead on with assessment on a sq. ft. basis when applied over large number of homes. In the case of luxury kitchens, baths and basements, the application of taxing on a sq. ft basis brings the assessments to the middle, (I have noticed). You must also be aware that assessments are based on a 3 year average so the influx of distressed properties are only starting to impact assessments. This impact should be very noticeable going forward (our home was assessed for 11% less going forward, we are only over assessed 12% now based on current sales).

I suspect that with the record short sale and foreclosures in many areas the assessed value will be under substantial pressure for the next 4-6 years. This along with a lack of new properties to take up the slack will put pressure on most taxing bodies especially school districts. Commercial properties have been under severe pressure with high vacancies and lowered rents, this will also add to a difficult situation.

Moving forward I would not be surprised to see the tax rate schools receive rise by more than 10-15%. Much of the decreasing tax rate of the last decade can be attributed to the increasing value of properties and not cost containment on the part of taxing bodies. Even now many of these taxing bodies are finding it very difficult to make much needed cuts.

Asmo be prepared to see your assessed value fall while noting actual tax rates increase substantially.

[doctorwho]

Jan 3, 2011 14:05:13 GMT -6 southsidesignmaker said:

Asmo,

A few ideas that may help you include talking the same talk with your local tax assessor. Base your case on homes with similar square feet, style and location if possible. Do not use any sales that are foreclosure or short sales as the assessor throws these transactions out (at least they have been in Will county through 2009). If you live in a neighborhood with similar style homes and many sales in the last few years, the process is reasonably easy, you are looking to find an average sq.ft cost. Also make sure you are getting all deductions afforded to you.

A word of caution, if you have done any outside work without a permit (convert a driveway to cement, certain type patios, etc) be aware that most taxing bodies have the newest satellite technology to note these changes.

I have argued my tax assessment and those for others in both Dupage and Will county. About half the time I receive some type of credit. In the case of the Will county office on 91st street, these folks have been most helpful but they also are dead on with assessment on a sq. ft. basis when applied over large number of homes. In the case of luxury kitchens, baths and basements, the application of taxing on a sq. ft basis brings the assessments to the middle, (I have noticed). You must also be aware that assessments are based on a 3 year average so the influx of distressed properties are only starting to impact assessments. This impact should be very noticeable going forward (our home was assessed for 11% less going forward, we are only over assessed 12% now based on current sales).

I suspect that with the record short sale and foreclosures in many areas the assessed value will be under substantial pressure for the next 4-6 years. This along with a lack of new properties to take up the slack will put pressure on most taxing bodies especially school districts. Commercial properties have been under severe pressure with high vacancies and lowered rents, this will also add to a difficult situation.

Moving forward I would not be surprised to see the tax rate schools receive rise by more than 10-15%. Much of the decreasing tax rate of the last decade can be attributed to the increasing value of properties and not cost containment on the part of taxing bodies. Even now many of these taxing bodies are finding it very difficult to make much needed cuts.

Asmo be prepared to see your assessed value fall while noting actual tax rates increase substantially.

here's the tax rate and assessment I want- read what Carol Mosely Braun is paying for property taxes on almost $2M worth of home- this is why I am sick of hearing how Cook County and the city have no money for education -- what a crock

www.myfoxchicago.com/dpp/news/politics/carol-moseley-braun-tax-returns-chicago-mayor-rahm-emanuel-20110103

"Moseley Braun is currently trying to sell her five-bedroom house at 1229 East 56th St. in Chicago. The asking price is $1.9 million. The Sun-Times reports that Moseley Braun is carrying four mortgages on the house. According to the real estate listing, she paid $11,769 in taxes on it in 2008."

[southsidesignmaker]

Doc, upon doing a bit of research the assessed value of the neighborhood is as follows:
PIN Address Unit City Neigh- borhood Class Code Assessed Value
20-14-112-001-0000 1149 E 56th St Chicago 20 2-13 452,400
20-14-106-026-0000 1154 E 56th St Chicago 20 3-91 90,429
20-14-106-027-0000 1160 E 56th St Chicago 20 2-06 74,141
20-14-207-001-0000 1201 E 56th St Chicago 20 2-10 103,410
20-14-207-004-0000 1215 E 56th St Chicago 20 2-10 72,032
20-14-207-005-0000 1217 E 56th St Chicago 20 2-10 115,708
20-14-200-027-0000 1220 E 56th St Chicago 20 2-10 100,027
20-14-207-015-0000 1221 E 56th St Chicago 20 2-06 70,544
20-14-200-028-0000 1222 E 56th St Chicago 20 2-10 87,925
20-14-207-016-0000 1225 E 56th St Chicago 20 2-06 65,370
20-14-200-029-0000 1226 E 56th St Chicago 20 2-10 89,632
20-14-207-017-0000 1227 E 56th St Chicago 20 2-06 85,751
20-14-200-030-0000 1228 E 56th St Chicago 20 2-10 123,459
20-14-207-018-0000 1233 E 56th St Chicago 20 2-06 74,778
20-14-200-031-0000 1234 E 56th St Chicago 20 2-10 103,928
20-14-201-079-1046 1300 E 56th St 1300-B Chicago 20 2-99 6,057

I could not find Mizzz Braun specific address only those around her. Anyone can ask the world for a property, getting the asking price or anything near it is another matter. If it was Will county it is very easy to total those mortgages up, one can only wonder if Braun is upside down in this property.

[doctorwho]

Jan 4, 2011 19:09:02 GMT -6 southsidesignmaker said:

Doc, upon doing a bit of research the assessed value of the neighborhood is as follows:
PIN Address Unit City Neigh- borhood Class Code Assessed Value
20-14-112-001-0000 1149 E 56th St Chicago 20 2-13 452,400
20-14-106-026-0000 1154 E 56th St Chicago 20 3-91 90,429
20-14-106-027-0000 1160 E 56th St Chicago 20 2-06 74,141
20-14-207-001-0000 1201 E 56th St Chicago 20 2-10 103,410
20-14-207-004-0000 1215 E 56th St Chicago 20 2-10 72,032
20-14-207-005-0000 1217 E 56th St Chicago 20 2-10 115,708
20-14-200-027-0000 1220 E 56th St Chicago 20 2-10 100,027
20-14-207-015-0000 1221 E 56th St Chicago 20 2-06 70,544
20-14-200-028-0000 1222 E 56th St Chicago 20 2-10 87,925
20-14-207-016-0000 1225 E 56th St Chicago 20 2-06 65,370
20-14-200-029-0000 1226 E 56th St Chicago 20 2-10 89,632
20-14-207-017-0000 1227 E 56th St Chicago 20 2-06 85,751
20-14-200-030-0000 1228 E 56th St Chicago 20 2-10 123,459
20-14-207-018-0000 1233 E 56th St Chicago 20 2-06 74,778
20-14-200-031-0000 1234 E 56th St Chicago 20 2-10 103,928
20-14-201-079-1046 1300 E 56th St 1300-B Chicago 20 2-99 6,057

I could not find Mizzz Braun specific address only those around her. Anyone can ask the world for a property, getting the asking price or anything near it is another matter. If it was Will county it is very easy to total those mortgages up, one can only wonder if Braun is upside down in this property.

the question is, when was the last time houses in that area were assessed - re assessed ? I remember when I lived in the city about 26 years ago there were some areas that were not re-assessed as they were passed over for 'stability' -

Remember who the assessors work for there !

also when you get into some of those areas there are 'mansions' left over from bygone days - many times in the middle of a " " normal neighborhood. This would be part of Bronzville and the many greystone mansions that are there..

here it is--

www.zillow.com/homes/1229-East-56th-St-chicago_rb/


There are other million + homes right there- next door to 190k homes.
I am doubting that anyone is going to ask $1.9M for a house worth $450K or so- which is what the tax rate would equate to here.

Also Zillow does show the 'true value' to being slightly over $1M -- but then it is under taxed by at least 50% on today's value and 75% easily on value just recently . - why ?

www.zillow.com/homedetails/1229-E-56th-St-Chicago-IL-60637/3990269_zpid/

Something is seriously askew- and being in Cook County and Chicago, it is not surprising.