Lake County Illinois Residents - Have You Taken A Look at Your Real Estate Assessment?

Lake County Illinois Residents - Have You Taken A Look at Your Real Estate Assessment?

By now most Lake County Homeowners should of received their "blue card" Real Estate Assessment in the mail. This "blue card" indicates 2010 assessed value of your home.  Like many you probably looked at it and filed it away or have put it in your pile of bills. As a Real Estate professional and a Lake County homeowner - I have a suggestion.......take a second look at your assessment.  If you feel that your home is over assessed based on today's market conditions do something about it - there is a short window of opportunity. Highland Park IL residents you need to act on this by September 13, 2010.

This is applicable to ALL homeowners - those who have lived in their homes for a long time and for those who have bought in the last year.  The process is simple - stop by at your township assesor's office and review the details of your property with them.

The 2010 Assessed values of your home is based off of arms length sales transactions from 2007-2009. Keep in mind that the assessors office, for the most part, does not include short sales and foreclosures as comparables.  If you think that your home is over assessed based on comparable recent sales in your neighborhood then stop by your local township assessor's office. Go in prepared -  bring in three comparable properties that have sold between 2007-2009 when you go to your local township assessor's office.  The homes you choose as comparables need to be the same style (meaning if you live in a colonial you need to have colonials as your comparables not a split level or a ranch); similar in size; be on a similar lot size and have similar amenities.

If you purchased your home in 2010 and the assessed value of your home is HIGHER than what you paid for your home and was not a Short Sale or a Foreclosure you need  to take action within 30 days of receiving your 2010 assessed value of your home.  Take in your HUD-1 to your local township assessor's office and make them aware of the discrepancy.

Don't forget time is of the essence.... every Lake County Resident has a window of 30 days once they receive their "blue card."

The above article, Lake County Illinois Residents - Have You Taken A Look at Your Real Estate Assessment, was written by Noah Levy - a REALTOR assisting buyers and sellers throughout  Chicago's North Shore Suburbs.