How to appeal assessments

In all likelihood your property is over assessed. If you are over assessed you will be over taxed. Do not trust the township assessors’ judgment. Quit throwing your money away. Take action. Appeal your assessment.

How To Start:

Ask yourself, is the current assessment on your property equal to 33 percent of the cash value ( market value) of your home? Example: A home cash value of $300,000 should have a assessed value of $100,000. In this example if the assessed value was $150,000 it would be over assessed and the assessment should be appealed.

The Appeal Process:

Starting in August, in McHenry County, assessment notices are mailed to property owners. Notice mailings will not come at the same time for all of the counties’ 17 townships. Notices are also published in newspapers. The appeal period is for 30 days after publication.

Submission Of Evidence:

You must provide evidence to support a claim that your property has been over valued by the township assessor. You can use a recent bank appraisal, a market analysis from a real estate agent or comparable neighborhood property sales if available. Comparables can also be used from other neighborhoods. Three comparables will be needed. Comparables should be similar in size, construction, quality, age, and style to subject property.

Finding Comparables:

The best way to find comparable homes is to drive around your neighborhood and find homes similar to yours. Homes do not have to be an exact match but should have the same number of floors, about the same square footage of living area and be comparable in construction. Example: A brick house must be compared with a brick house.

Websites:

The McHenry County Treasurer’s Office has a website which can be used to look up property value comparables for any property in the county, which is public record. There are three ways to do this, by some ones name, property address, or by a Property Index Number (PIN). Note: Each property parcel a 14 digit PIN number on it.
www.mchenrytreasurer.org If you need help call the Treasurer’s Office at 815-334-4260.
http://mchenrycotaxweb.org/cgi/taxbill.pl To get an idea of what your home is worth go through NWHearld.com to their partner Zillow.

Where To Get Complaint Forms:

Complaint forms are available from the McHenry County Board of Review at the McHenry County Government Center. You can pick forms up or have them mailed, call 815-334-4282. Forms are also available from the county website. www.co.mchenry.il.us-go

Filling Dead Line / Where To File:

You must file no later than 30 days after newspaper publications of your assessment. If you have questions about the dead line call the Board of Review at 815-334-4282. Complaint forms can be filed in person at the McHenry County Board of Review Administrative Building 667 Ware Road, Woodstock. Or forms can be mailed to the Board of Review at the Administrative Building, 667 Ware Road Woodstock, Il 60098.

Assessment Hearings:

Hearings are held at the Board of Review Administrative Building, Suite 106. You will be notified by mail. Hearings last 15 minutes.

State Hearings:

If property owners do not agree with the Board of Reviews’ decision they can, and should, appeal the county decision to the state level.

Attorney Representation, Appraisals + Hiring an Agent:

In most appeals this is not necessary.

Tax Savings

The dollar amount of tax bills come from tax rates multiplied against assessed value of property. If property is over assessed it will result in a higher tax bill.

The assessed value of a home should equal one third of market value. Example: A home assessed at $100,000 would have a market value of $300,000. If this $300,000 home sold for $225,000 (market value) it should have had of been assessed for $75,000. It was over assessed by $25,000, which allowed taxing bodies to multiply their tax rates x $100,000 of assessed value as opposed to $75,000 assessed value if this home had been assessed correctly.

Example of a tax rate of 0.8000 times valued at $300,000 with an assessed value of $100,000.

( tax rate x assessed value )
Assessed Value $100,000
X
Tax Rate 0.8000
Tax Bill $8,000

Example of a tax rate of 0.8000 times a home valued at $225,000 with an assessed value of $75,000.

( tax rate x assessed value )
Assessed Value $75,000
X
Tax Rate 0.8000
Tax Bill $6,000

Tax Savings $2,000

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