Property Taxes Reflect Out-Dated Home Values - NBC Chicago

Property Taxes Reflect Out-Dated Home Values

Homeowners see values drop, taxes rise



    Celebrate This Holiday Season in Lively St. Charles
    Suburban homeowners say local assessments do not reflect the true value of their homes.

    All indicators are that that housing market has slumped to lows not seen in a decade and home sales continue to dip, homeowners across the suburbs quesiton how their property's value has increased in terms of its taxable value.

    The price tags are lower than the assessed value of the homes.

    The Daily Herald reported Monday that "a record number of homeowners lodged complaints with county assessors for the 2008 assessment year, in some cases doubling the number of appeals filed in 2007."

    Assessments are based on property sales data from the previous three years and the assessed value is one-third of market value, the paper reports. For the 2008 assessment, sales records and assessment date from 2005, 2006 and 2007 were used. Assessments, however, are not directly related to property tax bills, assessors said.

    It's a complicated formula made more understandable -- if no less palatable -- in the Herald's report.