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How to Appeal Your Property Assessment Are your taxes too high? "Mine are too" says Carol Perschke, McHenry Township Assessor. But how does the assessment compare to market value as of January 1, 2009? If you believe your assessment is too high it is your right, as a property owner, to appeal that assessment. However, there should be a specific basis of the appeal – not general statements about overall market values.
It is critical that you appeal your assessment within the legally allowed time – either before we submit the assessments for that year or within the 30-day published appeal period. Once the legal 30-day appeal period is closed it is too late to appeal the assessment for that year.
Evidence consists of a recent bank or fee appraisal (value ‘as of’ date of January 1, 2009 is best) or information from other properties that you are using as comparables. Estimates of market value provided by real estate agents are not as reliable as a regular appraisal. Comparable properties must be representative of similar neighborhoods and similar building styles and construction. Using a raised ranch sale or assessment for a brick ranch home does not qualify as a comparable. Using a ranch as a comparable for a multi-story home also does not qualify as a comparable. If you have a ranch – you must use data from other ranches. If you have a multi-story – you must use data from other multi-story buildings.
It is important to know that the State of Illinois, Department of Revenue, does not count foreclosure or short sales as a normal market (arms-length) sale.
A minimum of three comparables up to a maximum of six comparables is a good basis for analysis. In the Appeals section of our website is a comparison grid you may use for data collection. The extreme right column has been completed as an example of how to use the form. Pay attention to the red print areas. Identify the homes you believe are comparables; stick to properties in McHenry Township. Complete the form as indicated in the example by using our website Property Search feature. Because the land already has uniformity within the area, most of the analysis is done on the building assessment. Divide the building assessment by the total building square foot to determine the building EAV per square foot. If your building has a higher price per square foot is there a reason it should – more plumbing fixtures, porches, garages, basements or central air vs. the comparables? Divide the total market value also by the building square foot to determine the full market value per square foot. Similarly to volume packaging for a box of cereal, the larger box has a lower price per ounce than a smaller box. This typically holds true for buildings as well. Smaller homes will typically have a higher EAV per square foot than larger ones.
The Board of Review will assign hearing dates (once assigned, cannot be changed). Hearings are scheduled every 15 minutes and evidence is heard from both the owner and the assessment office. The Board Members will decide at that time if an adjustment is appropriate or not.
It’s also very important to know that an assessment reduction doesn’t necessarily mean a lower tax bill. Northwest Herald columnist Brian Slupski wrote a very informative article (November 23, 2008) that explains these details. Between 2008 and 2009 tax rates increased; that largely is due to the amount of money the governments require to operate. In these tight economic times it is important for all governments to realize that everyone has cut expenses at home and they must do something similar.
Download and use this helpful tool
when determining your assessment. comparable
work sheet
Updated May 18, 2009
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