Google
Web This Site
 

   Ledger Sentinel - The local NEWS source in Oswego, Montgomery and Boulder Hill for more than half a century.
Ledger Sentinel Ledger Sentinel Ledger Sentinel


Published each Thursday in Oswego, Illinois 60543
 Award-Winning Newspaper: Illinois Press Association, Northern Illinois Newspaper Association contests
News

Have Kendall Co. property values bottomed out? : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, Illinois
Have Kendall Co. property values bottomed out?
Have Kendall Co. property values bottomed out?

by Matt Schury

8/28/2014

If you've been worried about your property tax assessment in recent years, things may be starting to look up, according to Andy Nicoletti, Kendall County's Supervisor of Assessments.

Nicoletti recently announced that he expects to publish property assessment changes in the Ledger-Sentinel, Kendall County Record and Plano Record on Thursday, Sept. 11, shortly after mailing out notices of those changes to property owners.

He expects on the whole those assessments, while not on the rise just yet, will not be declining as much as they had in past years.

"There were some reductions but not like we've seen in the past," Nicoletti said. "The tax base has pretty much stayed flat from what it was last year."

He added that properties are beginning to sell for more than what they are assessed for in some instances.

"Whereas, prior years when we had the big reductions, things were selling for less than what they were assessed for," he said. "More than likely your home is worth more now than it was a couple of years ago."

Indeed, recent data from the Illinois Association of Realtors says the median price of a home in Kendall County last month was $192,000, an increase of 4.1 percent from last July when the median price was $184,500.

The number of homes sold was down only slightly with 213 sales in July 2014 compared to 219 sales during the same time last year. The inventory of homes increased and the number of days on the market fell, two other positive indicators in the report. It also shows homes sat on the market 24 percent fewer days (52) then last year.

"Buyers are snapping up properties quickly, showing that the desire to own a home is undiminished by fewer homes on the market," Phil Chiles, president of the Illinois Association of Realtors, said. "The high level of interest in buying is forcing prices higher, a trend we have seen through much of the year."

Nicoletti also suggested that part of the reason for the positive news is that foreclosure filings are down.

"You're not flooding the market with those sales so it's helping the overall market health," he said. "From the sales I've seen coming through, it doesn't appear to be as many bank-owned or government sales."



'Any increase
can be considered good'


Data from Nicoletti's department shows in 2014 the total county EAV (equalized assessed value) so far this year is $2.768 billion, up from $2.556 billion in 2013. The high mark for the total county EAV was about $3.615 billion in 2009.

This year, Nicoletti expects to publish around 35,000 property assessment changes, a decline from last year when about 43,000 changes were published. The county has roughly 52,000 total parcels in each of nine townships.

Nicoletti reminds property owners that if they are not happy with their assessment they can appeal to the county's Board of Review within 30 days of the date of publication of the assessments. The final date to file your assessment appeal with the Board of Review this year is Oct. 13. All assessments and links to filing with the Board of Review can be found at the county's website at co.kendall.il.us.

A property's assessment is the value placed on a home or property based on the real estate market as well as the economic factors in your community. An assessment is placed on individual properties by a township assessor and verified by the supervisor of assessment's office.

The assessment is a key figure in determining how much property owners will pay in property taxes. To determine the amount owed on each property tax bill, county officials will multiply the total tax rate of all applicable local government agencies times the new assessed value of each property, minus any exemptions.

Each year township assessors work to determine the assessed valuation of property in their townships. Then in the fall the properties with values that have changed are published. Property owners are also mailed a copy of their property or home assessment.

Property owners usually can expect to pay less in property taxes if their assessment goes down and their total tax rate either stays the same or also goes down. However, property taxes will increase even if a property owner's assessment decreases if the total tax rate is increased to the point that it offsets the reduced assessment.

"Obviously right now, any (assessment) increase can be considered good and hopefully that will keep the (tax) rate from jumping a lot," Nicoletti said.




universal expression - design* print * web Copyright © 2011 Small Business Advances
Site design by universal expression - design * print * web
Comments or Questions - Chicago's Professional Web Design Firm
Site maintained using SiteCurrency Content Management System