30% rise in home value?

from the Daily Herald

Palatine Township's turn at property tax sticker shock

By Sara Faiwell
sfaiwell@dailyherald.com
Posted Wednesday, August 01, 2007

If you live in Palatine Township, you might have done a double-take last weekend when the property tax assessments arrived in the mail.
If you live elsewhere in Northwest suburban Cook County, you already should have received your new assessment -- or be prepared for possible sticker shock in the next few months.
Palatine-area officials say they're fielding a lot of phone calls from residents wanting to know why the new assessments are so high.
On average, Palatine Township residents are seeing assessment increases of 30 percent to 35 percent, township Assessor Terry Kelly said.
Elk Grove and Maine township property owners received their assessments in May and June, and those numbers also were substantially higher.
Officials from both townships cite an increased number of assessment appeals.
Mike Marks of Palatine was among the 38,000 property owners in the township to get the notice over the weekend.
"I was just totally shocked by it," he said. "To be honest, I thought it was a mistake."
His assessment rose more than 20 percent.
"I've lived here since 1988," he said. "This was a heart-stopper."
Wheeling Township residents are up next. Their notifications are to be mailed Sept. 21.
"What homeowners need to look at is to see if their home's new assessed value is in line with similar homes in their neighborhood," Kelly said.
If your assessment is higher than your neighbors', that could be the basis for a successful appeal, he said.
The new assessed valuations will be used to calculate the second half of homeowners' 2007 tax bill, which is to be mailed in the fall of 2008.
Properties in Cook County are reassessed every three years, and the new assessments reflect what's occurring in the market, said Maura Kownacki, spokeswoman for the Cook County assessor's office.
The assessment notice from the county makes reference to a 7 percent assessment cap provision that's up for renewal in the state legislature.
It's referring to the 7 percent expanded homeowner exemption, which started in 2004. It's a three-year program and is set to expire on the second-installment tax bills in 2008 if the legislature does not renew it.
The savings from this 7 percent exemption appears on the second-installment tax bills as an "expanded" version of the regular homeowner exemption.
This means that properties will continue to be reassessed whether this exemption is in place or not, Kownacki said.
Since the assessed valuation is one piece of the puzzle that goes into calculating property taxes, it's no surprise that people are worried, Kelly said.
"These assessments will affect the bottom line if the 7 percent cap is not renewed or if it's changed or lowered," he said. "It's hard to predict that right now."
State Sen. Matt Murphy, a Palatine Republican, says he's "optimistic" an extension will be passed "in some form" to provide taxpayer relief.
Murphy was a co-sponsor of the bill that aims to renew the expanded homeowner exemption.
In Palatine Township, the deadline for appeals is Sept. 4. The township will extend office hours Aug. 15 and 22 until 7 p.m. How to appeal your property assessment
•Assessments can be appealed for several reasons, including that a property is overvalued or not assessed in line with similar nearby homes.
•Appeal forms available at the county assessor's Web site, at your local township assessor's office or in the assessor's branch office in the Rolling Meadows courthouse allow you to check the reason for your appeal. There is no need find your own comparable properties in order to file an appeal. Cook County analysts will check properties comparable to the one being appealed. Online, go to cookcountyassesor.com/ filings/active/appeal online.asp.
•If you wish to do your own research, you're asked to select homes within your neighborhood code that closely resemble your own home in both size and style.
•After the appeal is filed, the assessor's office will analyze the information and notify residents by letter of the result of the appeal. A taxpayer advocate is available to review the appeal results and answer questions. The Taxpayer's Advocate is located in the main office of the Cook County Assessor and can be reached at (312) 603-7530.
Upcoming property assessment dates to notes and assessor's office contact numbers:
•Palatine Township: Assessment notices sent last week; deadline to appeal is Sept. 4. Call (847) 358-6700.
•Wheeling Township: Notices to be mailed Sept. 21. Call (847) 259-1515.
•Barrington Township: Notices to be mailed Oct. 13. Call (847) 381-5632.
•Schaumburg Township: Notices to be mailed Nov. 6. Call (847) 884-0030.
•Hanover Township: Notices to be mailed Dec. 21. Call (630) 837-0301.
(Elk Grove and Maine township residents got their assessments this past spring and the appeals deadline has passed.)