The Tax Man Cometh and Re-assess

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

• Barrington
• 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