My staff and I are nearly finished with the 2015 General Reassessment (formerly called the Quadrennial Reassessment).  We expect to have the 2015 assessments completed in October.  Every property owner will receive a General Reassessment Notice for 2015.

The real estate market has been improving since the middle of 2013.  While the market is still not as robust as it was before the bubble burst in 2007, sale prices and the volume of transactions have continued to increase during the past year.  As a result, most assessed valuations in DuPage County will increase for 2015, in most cases for the first time since 2008.

As a reminder, assessed value increases do not automatically cause taxes to increase.   Tax increases are the result of spending increases by taxing districts such as school districts, villages, park districts and library districts.  Fair and accurate assessed values ensure an equitable spread of the property tax burden among property owners.                                                     

After notices are mailed and assessments are published in the Examiner newspapers, property-owners will have thirty days to file an assessment appeal. 

Assessment appeals may be based on either market value or assessment uniformity.  An appeal based on market value is appropriate when the owner believes that the assessed value, multiplied by three, exceeds the fair market value of his/her property as of January 1, 2015, based on sales that occurred between 2012 and 2014. An appeal based on assessment uniformity is appropriate when the owner believes that his/her property is assessed differently than other, similar properties.  Property assessment and sales data is available on our website, www.waynetownshipassessor.com.

The belief that one’s property tax bill is too high is not a valid basis for an assessment appeal.  The Board of Review cannot address the amount of the property tax bill in an appeal hearing.

I encourage property-owners to contact my office to review their assessments, prior to filing formal appeals.  Property owners who recently purchased their properties who have received solicitation letters from consultants offering to represent them in appealing their assessments should call my office before signing agreements committing them to pay these third parties for assessment reductions.    

As always, my staff and I are here to help you better understand the property tax cycle and assessment process.  Please contact my office if you want to have me speak before your homeowners’ association, club or civic group.