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Assessment Questions
Just what is an assessment?
It's the estimate of value placed on your property as of January 1 of the tax year. Your assessment determines what portion of the tax burden you will pay, because in Illinois the tax burden is distributed according to the value of the real estate you own.
How do I know if my assessment is right?
You assessment should be accurate - approximately 1/3 of market value - and you assessment should be fair - similar to the assessments of comparable properties. Comparable properties are those of similar size, style and location with similar characteristics.
How often can you adjust my assessment?
As often as necessary to maintain accuracy and fairness. Annual adjustments allow the assessor to change with the market and smooth out inequities. Not making adjustments as markets change creates a tax advantage for some at the expense of others. When someone is under assessed, everyone else makes up the difference.
How do you determine the value of my house?
I use a process called "Mass Appraisal". It is similar to what the appraiser did when you bought your home, but with much broader parameters.
First, your homes characteristics are entered into a computer program that calculates the replacement costs. What would it cost to build your home today (minus depreciation)? This step helps me achieve fair assessments by developing a starting value based upon your homes size and unique characteristics.
Second, These cost calculations are compared to market data, generally by house type and by neighborhood. What are people actually paying for a house like yours in today's market? This step helps me achieve accurate assessments by adjusting the cost value to what is actually happening in the market.
I do not and cannot adjust individual assessments to individual sales. Rather, I adjust the assessments on groups of homes based on groups of sales.
How do you know what my property is worth when it hasn't been sold?
I look at data from other sales to set the value. Each year I study sales from the previous 3 years. Using 3 years of sales helps soften and level out market fluctuations. Buyers and sellers actually make the market; I simply study and follow the market. The Chief County Assessment Office in Waukegan and the Illinois Department of Revenue also study these sales and may make additional adjustments in the form of a township or county factor if my assessments do not achieve an overall level of 33.33%.
My neighbors have the exact same house but their house is much nicer, you should see the way it's finished inside. I'm sure it would be worth more than mine. So why is my assessment the same as theirs?
This is one of the most difficult problems I face. In new construction, interior upgrades often add significant costs that I do not assess in older homes. Interior remodeling and renovations can also add substantial value that is not assessed. When two houses are essentially the same, the assessments will be very close, even though one has interior finish that may bring more in the market. This problem demonstrates how the dual goals of the assessor - to assess properties at their market value and to do so in a uniform fashion - are often in conflict. I must try to achieve both accuracy and fairness, but sometimes it just isn't possible. The uniformity requirement prevents me from assessing your neighbor's house for more than yours - when they appear to be the same - even though it might sell for more. Assessing or "Mass Appraisal" is not an exact science. It is approximate. Value can be very subjective and difficult to measure. That is why I look at groups of homes and a group of sales and assess to the median or middle of the range.
What if I think my assessment is wrong?
Call me. You may have information about your property I don't have and I may have information about the market that you don't have.
In summary: If you have any questions about the assessment process, you can email anytime from our website at http://www.waucondatownship.com, call us at 847-526-2881, or visit Monday through Friday from 8:00am to 4:00pm. We'll be happy to take a look at your parcel and make sure we have all the information right and let you know how the assessment was developed. We want to make sure you are satisfied and informed about the assessment process.
The assessor's job is not to raise taxes but to make sure that everyone pays a fair share.
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