Property Assessments vs. Property Taxes in the Current Market
The Assessor’s office is mandated by law to value all property at 1/3 of its fair market value as of January 1st of each year. The County and State monitor the Townships values using a 3 year sale study. This ensures that in years of rapid real estate growth or rapid decline, the assessments remain stable.
The 2016 assessments were arrived at using 2013, 2014 and 2015 sales.
Our office is fully aware of the challenges we are facing in attempting to borrow, sell or maintain a home in the current environment. We continue to closely monitor the real estate market and are continuously working as an advocate for the taxpayer. Please keep in mind the restraints of the State of Illinois requirement to use the Three (3) prior years of sales vs. most current.
Regardless of the real estate market, taxes will increase or decrease based on the monetary needs of the taxing bodies such as schools, cities and villages, libraries and park districts.
IN SUMMARY: AS PROPERTY ASSESSMENTS DECREASE THE TAXING DISTRICTS RATES INCREASE AND OUR TAX DOLLARS REMAIN THE SAME.