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State of Illinois requires that all property be assessed at one-third (33.3%) of market value for property tax purposes. To determine your home’s market value, based on the assessment, simply multiply your equalized assessed value by three.
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Even in a down market, assessments can rise for the following reasons: By state law, assessments reflect the past three year’s sales and are based on a valuation day of January 1st of the current year. Therefore, they would not reflect the current market conditions.
If you had a recent addition or improvement to your property, the assessment will change accordingly. On homestead property, a home improvement exemption will be granted for 4 years, this reduction will be reflected on your tax bill.
The state property tax code requires that the Supervisor of Assessments apply an equalization factor to all property within a township (except for farmland or farm buildings) to make assessment levels uniform among Whiteside County’s 22 townships. This factor can increase the valuation, decrease the valuation, or leave it unchanged. The “Supervisor of Assessments Equalized Assessed Value” is your property’s valuation after equalization is applied. Your tax bill is calculated by applying a tax rate to this equalized value.
Your property tax bill is calculated as follows: Final Equalized Assessed Value minus Exemptions X Current Tax Rate = Total Tax Bill.
The first step is to determine if your assessment is out of line with the market by using an appraisal, or reviewing sales of comparable homes. Remember that these sales should have occurred within the prior three years. If your assessment reflects a value higher than the market, contact the Whiteside County Supervisor of Assessments office.
All appeals to the Board of Review must be submitted in writing within 30 days of township publication.
How to File an Assessment Appeal
Typically, your assessment will not be increased simply based on a recent sale. Assessments generated for taxation purposes are to be valued using mass appraisal techniques, not on an individual property basis. This means we are required to look at trends in the market of similar homes. An individual sale may have unique influences that do not apply to other homes.
It is important that you compare assessed values instead of tax bills, because:
Any new construction to your property that increases its market value must be reflected in your assessed value. This may include decks, patios, sun rooms, finished basements, expanding living space, etc. Our office receives copies of building permits which initiates a field inspection to verify the details of the new construction. The State of Illinois allows for an exemption on these improvements for a term of 4 years. The adjustment for this exemption will be applied on your tax bill. There is a $25,000 cap in assessed value (or $75,000 if full value) on the amount of value to be exempted.