2013 Triennial Reassessments for the North and Northwest Suburbs are currently being process for the following townships:
 

  • Barringtonschaumburg township assessor,tax appeal,cook county tax appeal,
  • Elk Grove
  • Evanston
  • Hanover
  • Leyden
  • Maine  
  • NewTrier
  • Niles
  • Northfield
  • Norwood Park
  • Palatine
  • Schaumburg
  • Wheeling


When properties are reassessed, the Assessor sends out a Notice of Proposed Assessed Valuation to each property owner. The assessment notice lists the prior assessment, new proposed assessment, market value, and other important regarding the property. It is important for taxpayers to check this information carefully and file an assessment complaint if they feel they are incorrectly assessed.
 
Reassessment of property in Cook County is done within a triennial cycle, meaning it occurs every three years. The Cook County Assessor's Office alternates reassessments between the north and west suburbs, the south and west suburbs and the City of Chicago.

Is the nonsense below a smoke screen?  You bet!

"Valuation through Multiple Regression"
To determine the property value of a single family home, the Assessor's Office uses a technique called multiple regression. This technique creates a type of sales comparison average, a mathematical relationship between the value of your house and those of your neighbors.

The key concern in property assessment is uniformity. The rule of uniformity requires that property be valued with property of like kind. The sales comparison average ensures that similar properties are therefore assessed similarly.

With nearly 1.8 million parcels of property in Cook County, mistakes may occur during the assessment process. The Assessor’s Office encourages taxpayers to review their proposed assessments and file appeals if necessary.
 

 
 

Lyn Sims  ●  Schaumburg IL Area  ●  Northwest Chicago Suburbs  ●  (847)230-7324

  lyn sims, lyn sims,  lyn sims,schaumburg homes,schaumburg IL real estate,  the blog dog,lyn sims, lyn sims, schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate,

 
Star Posted by Lyn Sims - Schaumburg Homes on 09/20/2012 05:38 AM   Comments (14)   in the ActiveRain Channel   schaumburg township assessor, tax appeal, cook county tax appeal  
Originally posted at: RealEstateConsumerInfo.com: The Tax Man Cometh and Re-assess
Short URL: http://actvra.in/J2v

14 Comments on The Tax Man Cometh and Re-assess

SEP
20
839,181 Points 69 Featured Posts Outside Blog Called Shot Master

Fascinating bit of data here...well done and shared. Thank you Lyn of Schaumburg Homes
7:04am • #1
160,947 Points 1 Featured Post

We are having a reevaluation just now for our beach community and the millage rate has gone up. Bummer
7:50am • #2
430,631 Points 1 Featured Post

We had  re-Assess also right after 2005.  The tax department assessed at the rate of 2005 prices.  WE have a very big mess right now.

 
7:52am • #3
152,533 Points

Such "tax creativity", always depends on how hard up a particular government is for revenue.

Good post.
8:03am • #4
610,268 Points Outside Blog

Our properties were assesed last year.  A lot of our values went down on properties but in turn they raised the rates so in the end it is about the same.

Betty
8:59am • #5
2 Featured Posts Outside Blog Called Shot Master

Back some years ago (2009)I bought a bank owned property for $135,000 in MA. It was assessed for $248,000 at the time. I applied for an abatement since I had a certtified bank appraisal in hand for $135,000. the assessors office said no problem we need to come out and see the house. I met them there, they took some note and i was informed they would mail their decision to me....they did, and dropped the asseeement $3,000! yes I didn't forget a zero. I was informed that they cannot use foreclosure sales or shortsales when determining value. Though at best it was maybe worth $150K they could not change it any lower. They said they are allowed to use comps as far back as neccesary to avoid using non arms lenght transactions. In this case 2007 when market was still good.....
9:34am • #6
701,462 Points 39 Featured Posts Outside Blog Called Shot Master

Ginger: Because the county is so large & prices have changed there are big problems here also. I think what is gong to happen is the home prices will adjust downward but the tax percentages will be raised so in essence the taxes will stay the same. Not right in my book.

Larry:  Yes, I have heard this before & the reason prices have decreased ARE the foreclosures that they say shouldn't be counted. How fortunate for their calculating. Many homes here that I show that are foreclosures, the buyers are knocked out because the tax ratios are too high & reflect that pre-foreclosure tax. In one case last year it was a $300+ house with 7,000 taxes & my buyer couldn't qualify because of it.

Betty: That's what I think will happen this time here. They are master at manipulating the numbers.

Anthony: Well put! Definately Cook county has large coffers that need a fillin'.

Nan:  Death & taxes are a bummer. No relief even for beach front homes.
9:48am • #7
445,293 Points 70 Featured Posts Outside Blog Called Shot Master

Lyn, When they reassess in our area the values always go up even in a down market. I don't know what criteria they use but it doesn't follow market activity or true appraisal values.
10:40am • #8
1,125,717 Points 90 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Our last mandatory assessment was over 10 years ago. I wish we did it on a schedule instead of every few decades.
10:50am • #9
425,634 Points Outside Blog

Great post, love all the information you've shared with us. Thanks for posting this.
11:31am • #10
701,462 Points 39 Featured Posts Outside Blog Called Shot Master

Debbie:  Agree, when the market was up they were not in tune with prices, when the market is down they are not in tune with prices.  Gee, they really don't care do they?

Erica:  That I think would be great except in this market.
2:29pm • #11
478,542 Points 11 Featured Posts Outside Blog Called Shot Master

This was a great post to share with all of us - not just the people in your area.  Thank you!
3:08pm • #12
485,120 Points 52 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

It's already that time again?  Thanks for the timely reminder, and thanks for allowing a reblog.
3:24pm • #13
1,403,468 Points 54 Featured Posts Outside Blog Called Shot Master

I was re-assessed this past spring.  As the lady went over the check list I found much of it wrong.   I am watching very closly what my taxes do.
6:02pm • #14

Login or register to leave a comment
 
Orton_face Rainmaker_large

Lyn Sims - Schaumburg Homes

Schaumburg, IL

More about me…

Schaumburg Real Estate - Northwest Suburbs - RE/MAX Suburban

Address: Schaumburg | Hoffman Estates | Elk Grove Village | and Roselle, IL in the Northwest Suburbs of Chicago

Office Phone: (847) 230-7324

Cell Phone: (847) 230-7404

Email Me

Market comments, updates and news about the surrounding communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Bloomingdale, Bartlett, Streamwood, and Hanover Park in the Chicago Northwest Suburbs.



Listings

Links

Archives

RSS 2.0 Feed for this blog