Advanced Appraisal Partners, LLC
SERVICING CHICAGOLAND FOR OVER 20 YEARS
Since the collapse of the housing market in 2008, home values have decreased considerably throughout many markets in the United States. Yet, property taxes have continued to increase. According to a study conducted by ABC news, "as many as 60 percent of homes across the US are over assessed." Are you included in this percentage?
It is not uncommon to see homes that are assessed at values which exceed the actual value by 10-20%.Many homeowners are unaware that a real estate appraisal can help to reduce their property taxes and potentially save them thousands of dollars.
How does the appeal process work? The McHenry township assessor provides a general explanation of the appeal process and the use of an appraisal in this process.
"HOW TO APPEAL YOUR PROPERTY ASSESSMENT:
1) You are not appealing taxes. The tax dollars required are the result of the decisions made by the board members of the taxing bodies shown on your tax bill.
2) The assessment is representative of one-third market value as of the legal valuation date – always January 1st of the tax year.
3) Any evidence prepared for assessment/market value appeal should be geared toward January 1st of the assessment year or it will be time adjusted back to the January 1st date.
Appeals are based on:
1) The assessment is higher than one-third market value (market based)
2) The assessment for my property is higher than other similar properties (assessment equity/uniformity)
Evidence consists of a recent bank or fee appraisal (value ‘as of’ date of January 1, 2013 is best) or information from other properties that you are using as comparables. Estimates of market value provided by real estate agents are not as reliable as a fee appraisal prepared by a licensed appraiser. Appraisals completed for ad valorem (market value) is best vs. refinance appraisals" (Schafer).
Please note: Property tax appeal requirements vary by township. Please contact your locale township assessor to determine the appeal process in your locale. Many townships have FIXED DEADLINES for appeals.