Kane County Revised Assessment ? - Chicagoland Sportbikes
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post #1 of 9 (permalink) Old 11-12-2011, 04:15 PM Thread Starter
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Kane County Revised Assessment ?

I just got a "Notice of Revised Assessment" for my house.

I guess its done every 3 years and shows a negative percent change in value, Duh!

Question is, does this mean my taxes will go down? Do I have to appeal to make them go down? Is there anything I can do to save cash?

Thanks.

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post #2 of 9 (permalink) Old 11-12-2011, 05:46 PM
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Generally yes your bill should be lower this year but chances are it is not low enough. Call your local assessor with some comparables and they will help you review it and possibly appeal it as well.
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post #3 of 9 (permalink) Old 11-12-2011, 08:28 PM
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Your taxes will not likely go down much. The county still has to collect the same as they did last year, and likely a bit more. When the amount of overall assessments goes down, the tax rate (levy) goes up. They can raise the levy by as much as 10 percent without voter approval.

So yes, they are admitting your house is worth less, but the percentage they're taking on it will likely go up.

As Kruz said, if you fight their assessment, you can get your taxes down that way. If you have recently finished a basement, rehabbed a kitchen, added an outbuilding, etc I would keep my mouth shut.
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post #4 of 9 (permalink) Old 11-13-2011, 09:07 AM Thread Starter
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Thanks for the input. I recently did research and my taxes are lower than everyone else in my neighborhood. That makes me an unlikely candidate for lower taxes, correct?

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post #5 of 9 (permalink) Old 11-13-2011, 09:34 AM
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It's all a wash though when you file your taxes. Yes you may get your taxes down on your house but you will get less back. Do you understand? It's not even worth trying to fight it. When I pay my mortgage I pay taxes, insurance and principal. The mortgage company estimates the taxes and take out escrow. If they estimate lower then my payments go down or visa versa. Don't even bother trying to change the process it's just a big headache. Treat your tax return like a little savings account and stimulate the economy with it in the spring. Like buy tires and motorcycle parts and stuff.
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post #6 of 9 (permalink) Old 11-13-2011, 09:35 AM
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Quote:
Originally Posted by alocker View Post
Thanks for the input. I recently did research and my taxes are lower than everyone else in my neighborhood. That makes me an unlikely candidate for lower taxes, correct?
If you raise a flag your taxes will definitely go up then. LOL!

And If it makes you feel any better I have a 2 bedroom, one bath, 1/2 acre lot, car and a half garage. I paid 3200 last year. I just got a letter from cook county saying the value of my house went down 20 fucking grand. The nice part is that I am still not upside down. But my hard work in an investment is almost nothing. The shit sucks.

Last edited by Grasshopper; 11-13-2011 at 09:39 AM.
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post #7 of 9 (permalink) Old 11-13-2011, 10:58 AM
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Nick there is a difference between hard cash coming out of our pocket every year( monthly for those that have to escrow)in prop tax and maximizing your income tax deductions. It is not 1 for 1 so at I would recommend to everyone to at least call your township assessor as some will lower with little effort. Sure the county can and has come in to raise the overall percentage for shortfalls. In my case last year the township lowered it over the phone about $600, i appealed and it decreased another $300. The county came in and made their macro adjustment which netted me about $600 less. For about two hours of my time it was worth it.
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post #8 of 9 (permalink) Old 11-15-2011, 11:42 PM
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Property taxes are based on the levy. If everyone of your neighbors value goes down the same percentage, you all share the same percentage of the levy. Your township (probably Dundee if you live south of county line rd) assessor reappraises every parcel every year and then averages the last 3 years.

Unfortunately IL allows every taxing body to raise the tax levy by CPI or 5% (whichever is less) or even higher for home rule villages.

The ONLY way your bill goes down is if your value drops more than your neighbors or there are new parcels being built. Since new construction has essentially stopped, expect a nice increase in your tax bill.

http://www.kanecountyassessments.org/QuickGuide.htm

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post #9 of 9 (permalink) Old 11-15-2011, 11:46 PM
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A handy presentation that explains it better than I can.

http://www.kanecountyassessments.org...axesIn2009.htm

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