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News
Official answers our 'true or false' assessment quiz : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, IllinoisOfficial answers our 'true or false' assessment quiz
| by Matt Schury
| 10/4/2012
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Here are some true or false statements that Kendall County Supervisor of Assessments Andrew Nicoletti addressed about tax assessments.
•Assessors base my home's value on one-third the fair market value.
True. State statute requires all properties, apart from farmland, to be assessed for property tax purposes at one-third of fair market value, Nicoletti said. Assessors also take into account sales data in your area over the three previous years.
Why do they do this?
"I really don't know. I know at one time long ago it was 100 percent of market value then they changed it to 50 percent of market value and then they settled on a third," Nicoletti says.
The assessment will show your fair market value as well as the percentage of change from last year.
•My property assessment has gone down so my tax bill will automatically go down.
False. Nicoletti says the tax bill also has to do with how much the tax rates increase. The only time this isn't true is if a homeowner's assessment decreased more than their rate increased.
The math to come up with the tax rate involves dividing the levy by the assessed value for the district.
•It's too hard to appeal an assessment. I need a lawyer to do it.
False. No legal help is required.
"You do not need a lawyer to appeal your assessment," he said, adding that all you need is information. "It's a little time consuming but it's not difficult."
Property owners should obtain the information that shows their assessed value is too high--such as lower sales prices in their neighborhood or sales on similar homes that are assessed less with similar amenities.
"You can't just come in and say, 'It's too high.' You have to tell us why it's high, explain to the Board of Review why it's too high," Nicoletti said.
Looking through the paper and comparing your assessment with your neighbors is the first step, and then you should call your township assessor. Once you get the information you need you apply and get a hearing date to present your case.
•The supervisor of assessment sets my taxes.
False.
"I have nothing to do with tax rates, my primary function is to handle exemptions and to publish assessments, send out notices and be clerk of the Board of Review," Nicoletti says.
The tax rates are set by the County Clerk's office based on the levies the taxing bodies submit to that office.
•Foreclosures in my neighborhood will affect my assessment.
Somewhat true. The assessors are not allowed to directly use the foreclosures in their sales studies, Nicoletti explains.
"But what's going to happen is those sales are going to affect the good sales indirectly," he said, adding that foreclosures are selling for cheaper and driving the price of homes being sold in that area which is the data assessors use.
•If I add a deck to my home the assessment will increase.
True. If you make a change to your home that is not just considered routine maintenance, Nicoletti said, it could increase the assessment.
For instance, if you increase the size of your home with an addition or add a deck, or build a garage or porch. Maintenance projects like new windows or a new roof would not fall into this category.
Fortunately, Nicoletti says a homeowner who increases the value of their property can get a four-year home improvement exemption and that portion of the assessment will be taken off for four years.
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