Easiest strategy for lowering your property taxes! Lyn Sims (847)230-7324 RE/MAX Suburban

By
Real Estate Agent with RE/MAX Suburban
https://activerain.com/droplet/cF

Schaumburg, Elk Grove, Palatine and Hanover Townships

While the downturn in the real estate market has possibly taken a chunk out of your home’s value, it is unlikely that your tax assessment has gone down. During the boom, as your home gained in value, it made sense that your assessment would increase.  Prices have flat lined or lowered in most areas so it doesn’t make sense anymore that your taxes should only go upwards.  But what’s a homeowner do to?  Well don’t expect the assessor to give you any help!tax appeal

Yes, the tax man cometh!  For those in my readership area of Schaumburg, Elk Grove, Palatine and Hanover Township this is your reassessment year baby!  So what’s a girl to do you say?

The good news is that getting your tax assessment lowered is possible. With a little patience it is actually easy to do.  Here are a couple of tips:

 

Review your home assessment for errors.  Find out how your district levies property taxes - on 100% of the market value or some fraction of it - by calling the assessor’s office.  Especially at 70% or 80% of value, called fractional values, owners may not realize their property tax assessments are out of line.  Next, go to the assessor’s office or website to see the property information that lists the details of your home.  Check each item for mistakes, from the number of bathrooms to the number of square feet. Valuing properties is “a very inexact science” and when it comes to the assessors records I’m being terribly generous here!  But when paper records were transferred to computers, many errors were made – or retained. If there’s a mechanical error, the assessor may offer a property tax reassessment on the spot.


Compare assessments for similar homes in your neighborhood.  Pull the addresses, then the tax numbers (PIN’s) for neighbors who have similar homes or similar models in terms of age, style and features. If the assessments on similar properties are significantly lower – 10% or more– you have a good case based on uniformity.


Build a case for reassessment.  The rules for property tax appeals vary from place to place, but no matter where you are you’ll need evidence. Property info and Web-page printouts are helpful, and photos can be especially useful if you’re comparing the condition of your home with others. MostKeep more money in YOUR wallet photos of selected homes are available on the assessors website now. Consider getting an independent appraisal as well, but check the rules in your jurisdiction before laying out a couple hundred dollars or more to pay for one.   If you’ve had a recent refinance from your mortgage company, they would have given you an appraisal and similar homes such as yours would have been used. Check these homes and use these for your appeal.  The assessor will not take the appraisal but at least it will save you a little leg work by supplying you with the address and the tax numbers (PIN) of like-kind homes.

 

Biggest Tax MistakeThe number one mistake that I find that my sellers/buyers/homeowners make is not taking advantage of their homeowner’s exemption!  This is an exemption that gives you a tax break because you are using your home as your primary residence and not renting it out.  You receive $5000 off of your equalized assessed valuation of your home because you live there– that’spretty great.  BUT – the assessor is just not going to give it to you – that would just be too easy.  In Cook County a large and costly production is made for all homeowners.  A ‘card’ or a ‘booklet’ has been previously mailed to the owner and you must sign and return either the postcard or the booklet before your exemption will take place.  In the last few years they have carried over these exemptions but if you are a new homeowner/purchaser you must be sure that the previous owners filed for their exemption!  This will save you hundreds of dollars every year in taxes!  If you say, naw too much work to get that exemption thingy – please – take down my address and mail me the $400 to $800 that the county is taking from you! I will be appreciative!

 

DuPage County Residents– You will contact the Dupage Supervisor of Assessments and things are much, much easier for you.  No postcards or booklets, you may call or visit the assessor and state your exemption.  You also do not have to re-sign any ridiculous cards.  They seem to be at least a little normal.

Buzz Words!

List of Assessor “Buzz Words”

P.I.N. – Property Index Number, think of it as your homes social security number.  It will never change.

Geographic Mapping – AKA your property information at the assessor’s website.  Click "Start Interactive Mapping" which will take you to begin your search. Enter your PIN or your street address.  This will start the Parcel Search where you will find information on your home.

Equalization Factor - (their wording) a number determined each year by the Illinois Dept. of Revenue to even out or "equalize" assessed values, by county, across the state.  It is also called the multiplier.  No one could ever explain this to me well enough so I just call it the "guess taxfactor".  That pretty much sums it up.  

 

HELP – there is no such word in their vocabulary. When you ask for this, they roll around on the floor in hysterical laughter. Remember, patience is required, you are dealing with a governmental body.

Sense of Humor – see above comment.

Tylenol – carry at least 2 with you at all times thruout the process.  Keep the bottle within easy reach.

Vodka – see above comment.

 

tax appealEveryone loves a personal success story so I have two to pass along!

Story #1 - The first was from a townhome that I owned in 
Hoffman Estates many years ago.  The property information sheet arrived one day in the mail from Cook County that stated what upgrades my home had.  Nope – sorry no basement Mr. Assessor.  Nope – sorry no fireplace in this place either.  Ohhh look – the square footage is from my neighbors Brighton Model not mine –that’s just swell.  Went to the assessor immediately with my floor plan and got things changed and lowered my tax bill.

Story #2 – New construction Bartlett, first tax bill arrived in the mail and I almost fainted when it said we had 3800+ square feet.  My first thought was, they must be counting the front and back yard too! Took another trusty floor plan down to the assessor and found out that the builder(Pulte) made the mistake reporting the information to the county.  Yeah sure, thanks.  Story did have a happy ending because the initial tax bill was $5200 and it was reduced to $3800.

It’s never too late to do something about an unfair tax bill.  The final 2007 bills will arrive in the mail soon and I’m sure that with this increase there is going to be a lot of screamin’ goin’ on.

 

This is just a small sampling of the suggestions that you might consider.  Thank you for reading this short report, good luck and stay vigilant!

 

tax assessorLyn Sims at RE/MAX Suburban (847)230-7324

Northwest Suburban Chicago Homes in Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Bartlett, Streamwood, Elgin areas.

Home search website:  www.LynSims.net              Email:  Lyn.Sims@yahoo.com

(Updated 3/16/17)

 

Cook County Reassessment Schedule

Exemption Application

Residential Appeal Form 

Schaumburg Township Reassessment Notice of 24%

Hanover Township Reassessment Notice of 23%

 

schaumburg township,lyn sims,schaumburg realtor,

 

HowTo Calculate

Yourtax bill

To calculate   $100,000 Market Value 1
your property   X      .16 Residential Assessment Level (16%) 2
tax bill, use   $16,000 Assessment Valuation
the following   X        2 Sample Equalization Factor 3
example for a   $32,000 Equalized Assessed Value
home with an   -  $5,000 Homeowner Exemption 4
estimated   $27,000 Adjusted Equalized Assessed Value
market value   X      .10 Sample Tax Rate (10%) 5
of $100,000.   $2,700 Yearly Tax Bill

1 Market Value – what your property couldsell for on the open market.

2 Assessment Level – the rate at whichproperty is assessed. Single family homes, condos, co-ops, apartmentbuildings and mixed-use properties, six units and under, are assessedat 16%.

3 Equalization Factor – a numberdetermined each year by the Illinois Department of Revenue to even outor “equalize” assessed values, by county, acrossthe state. It is also called the multiplier.

4 Homeowner Exemption – the 7% expandedexemption increased the exemption amount from a minimum of $5,000 inEqualized Assessed Value (EAV) to a maximum of amount that changes witheach tax year. The amount of the exemption will vary based on the valueof the home and the amount of the assessment increase.

5 Tax Rate – the result of dividing thespending request of a particular local government or school district bythe total equalized valuation of all properties  in that area.The tax rate can stay the same , increase or decrease when taxingbodies request more money. Always review dollars levied, not just taxrates. Actual tax rates vary across Cook County and are determined bylocal government spending needs and requests.

 

EasiestStrategy to lowering your property taxes©2008 Lyn Sims -RealEstateConsumerInfo.com All data andinformation provided on this blog is for informational purposes only.  Lyn Sims makes norepresentations as toaccuracy, completeness, correctness, suitability or validity of anyinformationon this site and will not be liable for any errors, omissions, ordelays ininformation or any losses, injuries, or damages arising fromit’s display or use.

8/12/2008- Info compiled from the Cook County Assessor, DuPage County Assessor.

 

 

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lyn sims remax suburban  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324
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Rainmaker
3,984,330
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Lyn...it is always good to keep on top of the rax value of you home and property.  But, even if you get it lowered doesn't mean you will see much lower in taxes.  The expenses of the governing bodies have not gone down any. (I know mine haven't.  Expenses are up )  So even if you get a lower valuation, your multiplying factor that the county and state uses may go up to compensate for the loss to in value in order to collect enought to keep operating. 

Double edge sword!!!

Aug 12, 2008 06:25 AM #1
Rainmaker
1,579,080
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Thanks Bill as always for your comment. But you gotta just give it a try!  You can't let them take the money out of your pocket too easily!  Besides it's due diligence for YOUR wallet.

Aug 12, 2008 06:28 AM #2
Rainer
149,814
Freddy A. Saavedra
Essential Properties - Goodyear, AZ

Wow great information for you clients, I will bookmark this post and try to searh out my county for the same info, thanks for the post!

Aug 12, 2008 06:30 AM #3
Rainmaker
1,579,080
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Thanks for stopping by Freddy.  Just trying to point out where consumers can save some money.  Hope this got your wheels turning for a post of your own.

Aug 12, 2008 07:02 AM #4
Anonymous
Keith Williams
Help...my mother is 85 years old and own two homes. One was her's and the other she inherited. Problem is they raised her property taxes for the first time this year after sending her a letter (senior citizen homstead assesment) regarding changes in herbill that not only scared her but she did'nt understand what was happening. She has always been independant after my father pasted away, but now she owes 5400.00 instead of 2700.00 in taxes and now someone has paid her taxes and she is afraid of loosing what she inherited. I am her son and need legal and financial assistance to pay her taxes. Also to prevent this from happening again. Thank You!
Dec 08, 2008 03:46 PM #5
Rainmaker
4,432,583
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good information for consumers. It makes it easier to sell if taxes have been lowered.

Dec 08, 2008 09:53 PM #6
Rainmaker
1,579,080
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Gita, consumers need something in plain english to help them decide if their taxes are too high or unfair. 

Dec 09, 2008 12:28 AM #7
Rainmaker
1,579,080
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Keith - Please email me your contact info as you did not leave it in the comment!  I would love to help you and your mother.

MY EMAIL:  LynSims@msn.com OR just hit the email link under my name at the top of the post.

Dec 09, 2008 01:36 AM #8
Anonymous
sixrealms

Winning an appeal and having the AV reduced does not lower your tax bill. The 7% Solution has Magical Maththat will correspondingly reduce the homeowner's exemption, resulting in no decrease in the tax bill. My AV was reduced from $32,600 to $29,900. The homeowner's exemption is derived from the difference between the EAV and the 7% Solution Adjusted EAV. Amazed at this trickery, I ran EAV ranging from $18,900 to $60,000 and found the homeowner's exemption consistently adjusted so that there was no change in the tax bill. This is Cook County.

 

Nov 16, 2009 03:12 PM #9
Rainmaker
1,579,080
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Six:  Thanks for stopping by and adding your comment to refresh this post.  I am intrigued by your math and will investigate what you said.  If I understand you correctly you are saying the county is guilty of 'fuzzy math'?  Why wouldn't that surpise me that nothing has changed under the guise of a reduction? 

Nov 17, 2009 12:02 AM #10
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Rainmaker
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