How Does The County Calculate My Property’s Assessed Value?

By Jill Odzer – Lake County Appeal, Commercial Analyst – 7/31/19

 

The Chief County Assessment Office is responsible for assessing your property. The assessment should be the fair market value (what the county believes you could have sold your property for on January 1, 2019) multiplied by .3333 (for all Illinois counties besides Cook). Since 2019 is a general reassessment year (also for all Illinois counties besides Cook, which is on a rolling schedule), the assessor is required to consider the past three years’ sales figures to arrive at your assessment. They are to take into account the best comparable sales data, which could actually lower your assessment. This system is in place because all properties do not rise (or decrease) in value at the same rate, making it necessary to revalue all properties every four years to ensure uniform and equitable assessments.

 

In 2020, 2021 and 2022, non-general reassessment years, the assessor can make across-the-board changes to every property within a specific township by using the same “multiplier” (e.g., 1.05, to represent a 5% increase) for all of them. The only exception is if there is a significant change to your property, such as an addition or major remodeling.

 

What happens when the county is wrong? That is when you hire Lake County Appeal to review and, if appropriate, appeal your assessment. Lake County Appeal recommends an annual assessment review. When compared to the potential tax savings, our small up-front fee is certainly cost-justified. Annual assessment reviews should be viewed as a necessity, just like an annual medical exam or furnace servicing. 

 

Don’t miss your opportunity…You have only 30 days to file an appeal once your assessment notice is published. Keep your eyes peeled for our upcoming newsletters to make sure that you do not miss the deadline to hire Lake County Appeal.