Advanced Appraisal Partners, LLC

SERVICING CHICAGOLAND FOR OVER 20 YEARS

Telephone: 815-356-5017

 Email: advancedappraisalpartners@gmail.com

Considering Property tax appeal?


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. 


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For all residential REAL estate appraisal needs

​our services

Mortgages & Home Equity Lines

An appraisal is a valuation tool used by mortgage lenders to verify a property's worth for prospective financing. The mortgage industry relies upon a qualified independent real estate appraiser to guide them in their financing decisions. But is this the only reason to get an appraisal? Many homeowners, assessor's offices, attorneys, buyers and sellers utilize appraisals for a variety of needs: 


PMI Removal 

Private Mortgage Insurance or PMI is the supplemental insurance that many lenders have to purchase when the amount being loaned is more than 80% of the value of the home (LTV loan to value). This additional payment is often folded into the monthly mortgage payment and is quickly forgotten. After a rise in values and/or payment to principal goes below this 80% level PMI is no longer required. United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met. An appraisal is required to determine the property's value. The costs of these services are recovered in just a few months of not paying the PMI.


Property Tax Assessments

Challenging the tax assessment has become a necessity in many parts of the country. Unfortunately, most people go into these challenges unarmed. They may pull some information from the Internet to support their claims, but have no real basis for their claims.


A real estate appraiser can provide the accurate answers to the question of value. While it may not be economical to commission a full appraisal to save a few hundred off your tax bill, often an appraiser can do a limited appraisal for much less, yet with the same conclusions and integrity. An appraisal from a qualified appraiser would be a step in the right direction in any dispute with your local tax assessor.


Estate Planning 

In times of loss, it is often difficult to think of the various steps that must be taken to resolve any outstanding monies of the deceased. An appraisal is required to establish fair market values of any real estate properties in the estate for tax filings and any presentation to multiple heirs. The aid of an appraisal is a necessity to dispose of the estate properly


Divorce & Settlements 

In unfortunate circumstances, such as divorce, appraisals are required so that both parties involved receive a fair and impartial value so that they can concentrate on more important aspects of this difficult time. An appraisal by a qualified independent professional third party is often required by state law to settle the divorce.

Servicing 7 Counties in Chicagoland

  • Cook County

  • DuPage County

  • Kane County

  • Kendall County

  • Lake County

  • McHenry Count

  • Will County 

Call or order on-line now! (815)-356-5017 Fax: (815) 356-3978