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From the Assessor ...

It’s that time of year again – the 2011 assessment notices (the “Blue Letter”) are in the mail. Sent out by the county each fall as Assessors complete their work, the Blue Letter notifies taxpayers of the assessment that will be used for the next property tax billing cycle. Again this year assessments in Lake County will generally go down. But I would venture to say that, even though most assessments will decline, many taxpayers will not be satisfied. Why? Because many assessments may still be above the current market. As taxpayers look at the estimated fair market value of their property, I can almost hear the collective “Are you kidding?” followed closely by “Don’t you know what’s going on in the real estate market?” But believe me – no one knows better. Yet knowing and doing something about it can be two different things.

Why? The system simply does not allow it. Assessments are not and never have been estimates of the “current” market value. The Illinois Property Tax Code concerning the assessment process is designed so that assessments lag behind the market. One practical purpose of this lag is to soften the impact of the marketplace on local government funding. What happens is that, by law, Assessors must consider all qualified sales from the three years preceding the assessment date and adjust similar groups of homes to relevant groups of sales.  In the appreciating markets of a few years ago, many assessments were below the actual current market value. Now, in our down market, the effect is reversed and many assessments are above the current market.

Here are a few questions we’re often asked, and our responses:

I’ve heard 2011 is “the quad” - what exactly does that mean?
General assessment years (also known as the quadrennial assessment year or the “quad”) occur every four years per state statute. During the quad, Assessors review the assessments of all properties within the township, making changes as needed to ensure fair and uniform assessed values. Any prior reduction in assessed value made by the Board of Review does not carry forward in a quad.

The checks and balances of the assessment process offer property owners the right to seek a review of the assessed value of their property. How do I do that?
The appeal process is an important safeguard for the taxpayer. Assessors and the Board of Review look at things differently because of their different statutory roles and responsibilities.  Whereas Assessors must treat everyone equally, the Board of Review looks only at the merits of the case before it and, unlike the Assessor, it can adjust the value of a single property in a neighborhood. Owners can find information about appealing their assessment at www.lakecountyil.gov/assessment. Please call our office if you have any questions.

I understand that the best evidence of fair cash value is a professional appraisal done for “ad valorem” purposes. What is that and how is it different from my refinance appraisal?

You may find after utilizing the county website tools that you are satisfied with your assessment, or you may have developed a good argument to present to the Board of Review.  Another option you might consider would be to hire a professional appraiser to value your property. The type of appraisal you will want is called an ad valorem appraisal. This is an appraisal done for the purpose of establishing fair cash value as of the assessment lien date, January 1st of the current assessment year. On the other hand, a finance appraisal is done for a lending institution to ensure that your property has sufficient value to secure a loan without undue risk to the lender. The reason for an appraisal can influence the appraiser’s final opinion of value. Finance appraisals tend to be lower than appraisals done for tax purposes. For this reason the Board of Review, in its rules, states that the “best evidence of fair cash value…is a professional appraisal done for ad valorem purposes.”

Do I need to hire someone to contest my assessment? NO…the entire process is very user-friendly. The county website (www.lakecountyil.gov/assessment), in addition to providing assessment information, contains valuable tools for analyzing your assessment for accuracy and fairness. For those who want a clearer overview and understanding of the Property Tax System, the county offers Public Information Meetings. These presentations outline the appeal process and demonstrate use of the county website tools. And for those who are “computer challenged” or just want more specific help, the county also offers “Tax Assessment Help Centers” where you can actually work one-on-one with a county or township assessment official who will assist you in evaluating your individual property tax assessment by utilizing the county web applications. You will find a schedule of these services on the county website.  In recent years there has been a tremendous increase in the number of companies offering their services to appeal assessments. Many of these companies do little more than make use of the same tools available to you at the county website.

We’re Here to Help You

I hope this information has been useful. Please do not hesitate to contact my office by phone (847-234-3485) or email (TYakes@lakecountyil.gov) if you have any further questions about the assessment process or your property assessment.