I wish my property taxes were higher here in St Charles IL. Nope, I've never heard that. In fact, most of us wonder why our property taxes stay so high when we know that home values have fallen in most areas, in some cases dramatically. If you want to appeal St Charles property taxes you should prepare now to make an appeal this fall.
The taxes we pay as property owners are used to fund schools, cities, towns, parks, libraries, fire and police protection districts. In Illinois our tax rates (the multipliers) are set by various government entities such as the St. Charles Library District or the St Charles Park District and approved by the Kane County Board.
The tax rates are applied against the assessed values which qre set by the St Charles Township Assessor or the Campton Township Assessor. The Township Assessor compares each property against other similar properties to determine the fair market value of each property. You can easily look up assessed values by going to these website and putting in the address(es).
Fair market value can be a little confusing. The Township Assessor sets comparative value for the purposes of apportioning the tax burden.
REALTORS®, appraisers and banks use the phrase fair market value to mean what the house is worth when it is for sale. Because houses are selling for less than the 2005-2007 highs, it is likely that your assessment is higher than what you can sell your house for.
Since we pay taxes in arrears in Illinois, your 2011 tax bill is for the assessed value set in 2010. Your assessment is based on the three previous years worth of values of comparable properties, so your 2010 assessment is calculated from the values set in 2007, 2008 and 2009. An appeal in 2011 will use comparable values from 2008, 2009, and 2010.
You can look up the tax bill for any property in Kane County by going to the website for the Kane County Treasurer. This helps you see the actual tax bills for your home or those of your neighbors. You can put in a address, PIN (Property Identification Number) or a street name to see the tax bills.
If you want to appeal St Charles property taxes, you should document the assessed value and tax bills for homes similar to yours in your neighborhood. You should make sure that you compare your home to homes that are similar in age, size, style, and property location...e.g. 4 bedroom/2 bath split levels should be compared to other 4 bedroom/2 bath split levels.
You should ask a reliable St Charles real estate agent for information on comparable properties that sold in 2008, 2009 and 2010. Don't just pick the lowest ones to try and make your case...you wouldn't want to lose an appeal for looking impractical. You will need a minimum of three sold comparables for an appeal, but you can turn in more. If you have recently purchased your home or refinanced your mortgage, the bank appraisal can also be considered.
The Kane County Assessor coordinates the activities of each Township Assessor so that the assessed values for all townships are equalized and all tax payers are treated equally. The Assessor has good information on their website, including this:
Q: Can my assessment be appealed?
A: Yes. We recommend first discussing your assessment with the township assessor. If you wish to formally appeal your assessment, you can file a complaint with the Kane County Board of Review. There are generally three bases for appealing an assessment:
- Incorrect Property Information (“The property records show I have a 2,400-square-foot house, but my survey shows I’ve got only 2,200 square feet.”)
- Incorrect Valuation (“The market value of my home is shown at $290,000, but I just had it appraised for $225,000).
- Inequity (“My equalized assessed value is $95,000, but the comparable houses in my neighborhood are assessed at values ranging from $71,000 to $78,000.”)
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