Your Property Tax Assessment Notice defined: a message from the Chief County Assessment Office

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View 2017 Real Estate Assessment Listings

To the Residents of Apple Canyon Lake,

You will be receiving an assessment notice from the Chief County Assessment Office shortly. I felt that I should give you a detailed explanation of what you will see on your notice. Each year a sales ratio study is done by the Illinois Dept of Revenue on the sales that occurred in the prior year. A sales ratio study compares a sale price with the previous year’s assessed value on each sale that occurred. Those percentages are totaled and the median is determined. That median is added with the two previous years’ median and an average is determined for the 3 year period. In this case the three years would be 2014, 2015 and 2016. If that 3 year average is above or below 33.33% then either the Township Assessor or the Chief County Assessment Office will need to apply a factor or do a complete revaluation.

Here are a few examples of sales that occurred in 2016:

  • 1 story frame home on 1 lot sold for $220,000. The assessed value at the time of the sale was $46,059 which is a market value of $138,177.
  • 1 story frame home on 1 lot sold for $341,300. The assessed value at the time of the sale was $80,940 which is a market value of $242,820.
  • 1 story frame home on 1 lot sold for $375,050. The assessed value at the time of the sale was $73,470 which is a market value of $220,410.
  • 1 ½ story frame home on 1 lot sold for $251,900. The assessed value at the time of the sale was $49,035 which is a market value of $147,105.
  • 1 story frame home on 1 lot sold for $115,000. The assessed value at the time of the sale was $19,273 which is a market value of $57,819.

As you can see in the examples above, the houses are selling higher than the assessed values. The vacant lots are still selling low but the houses are rebounding. The Department of Revenue used 196 sales that occurred in 2014, 2015, and 2016 in the sales ratio study and 116 of those sales were house sales that were assessed below the 33.33% of market value.  In order to bring the sales ratio to 33.33%, a factor of 1.3866 has been applied to the house values in Apple Canyon Lake. When you receive your assessment notice, you will have 30 days to file a complaint with the Board of Review if you feel the value is incorrect. You will need to fill out a Board of Review complaint form and provide evidence to support your claim that you are over-assessed. If you have any questions, please call the Chief County Assessment Office at 815-777-1016. My staff will gladly answer your questions to help you understand your new assessed value. In reviewing your assessment notice, you will notice the percentage change (increase or decrease), this is only the percentage difference of your assessed value from prior year to current year. This does not mean that your tax bill will be going up the same percentage.

Please keep in mind, whether you are speaking to my staff, myself or the township assessor, please be courteous. We are all trying to do our job to the best of our ability. Our goal is not to raise taxes but to make sure that the tax burden is distributed evenly amongst all property owners based on what they own. We do not set tax rates. Tax rates are determined by the individual tax bodies and the amount of money they levy for. If you feel the tax rates are too high, you need to address that issue with taxing bodies when they are working on their budgets.

Donna M. Berlage
Chief County Assessment Officer
Jo Daviess County