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Assessment Explanation 2011
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Important Dates:
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August 17, 2011 - Date of Notice
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August 18, 2011 – Assessments published in Herald News (815.439.4310)
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September 19, 2011 – Deadline to appeal
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Notice of Revised Assessment:
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This is notifying you of the new figures that will be used to calculate your tax bill in April 2012. It is not a tax bill. To approximate what this tax bill may be, you should multiply the total current year assessed value (from column 3 of your notice) by the 2010 tax rate. This is only an approximation because it is based on the last year tax rate (the 2011 rates will not be developed until April 2012), and it does not take into account any exemptions that you may receive on your actual tax bill.
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Township multiplier: 0.9800
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Every year the Department of Revenue conducts a sales ratio study comparing three years of sales to assessments. The Will County S/A uses this study to determine what factor is needed to bring a township’s assessment level to 33 1/3% of market value. The 2011 multiplier of 0.9800 was calculated from 2008, 2009, and 2010 sales. Therefore, a 2% reduction was applied to the residential assessments.
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How do I know if I’m being fairly assessed?
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Compare your assessment to similar properties in your neighborhood. Homes that are similar in style, size, age, location, and amenities, should have similar assessments. Additionally, research recent sales in your neighborhood. Typically, comparable homes sell for similar amounts. Your assessment should reflect the market of your subdivision over the prior three years. The “Property and Assessment Search” on this website can aid you with these tasks or we’d be happy to discuss the situation with you over the phone or in person.
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How do I appeal my assessment?
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If you have done your research and feel that you are over-assessed, please call our office to discuss your concerns. Many issues can be resolved without filing a formal appeal. If we are unable to adjust your assessment, you may appeal to the Will County Board of Review. Appeal forms can be obtained either at our office or online at http://www.willcountysoa.com. |
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Click here to download an informational brochure |
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