NEWS

My staff and I expect to complete the 2007 General Reassessment, formerly called the Quadrennial, in early October. All property owners will receive an assessment notice, and the assessment list will be published in the Examiner newspapers. Property owners have thirty days from the publication date to file assessment appeals.

As I have mentioned in previous newsletters, sales activity has slowed considerably across the nation; however, in the Chicago area sale prices have continued to increase; therefore, assessed values, which are based on sale prices, must also continue to increase. The 2007 assessed value represents onethird of the market value of each property as of January 1, 2007. For example, a property with a 2007 assessed value of $100,000 has an estimated market value of $300,000. My office must also ensure that property assessments are uniform.

A property owner may appeal his/her assessment if (s)he believes that the assessed value, multiplied by three, is greater than the market value of his/her property. An appeal may also be filed if the owner believes that his/her property is not assessed uniformly with similar properties in his/her neighborhood. Assessments are affected by factors such as home size, number of baths, fireplaces, as well as basement size, finished basement, porches, etc.. A property owner may not file an appeal based on the amount of his/her tax bill.

If you’re considering filing an assessment appeal, please call or visit my office first. As always, my staff and I will be happy to review your assessment with you, to ensure that the information in your property file is correct, and to make sure you’re receiving all of your exemptions. We’ll also review sales in your neighborhood, and find comparable properties to verify assessment uniformity.

posted 10/5/07