Join Date: Jan 2006
Location: Peoria, IL...more or less
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Jesse- a couple of things.
You can certainly fight it, which can be a double-edged sword. It can happen that the assessor decides that it's undervalued and needs to go up more. Usually, though, that happens when the taxes haven't increased much, and the property owner just decides that he's paying too much and questions things. Seeing as how your taxes jumped by about 1/3, I'd start by looking at some things.
1) Was there any tax referendum(s) passed recently, i.e. a property tax increase for schools/township/pension etc.? It often happens that people vote for & approve these, not realizing where the money will come from.
2) Have you made improvements on the property? Built anything, enlarged tillable farmland, improved anything to the point that it looks different? Even new vinyl siding can sometimes cause an assessor to believe that the value of the house has jumped beyond what you might consider reasonable, or even that the house "footprint" has changed. They should have previous year pictures in the file, but mistakes happen.
3) Have your neighbors done anything like what I listed in #2?
4) Have properties in the area been selling at high prices?
5) When did you buy the property?
6) Did you buy it from a senior citizen?
7) Did you make major home improvements 3-5 years ago & get a limited reduction in property taxes as an incentive?
A lot of assessments are done on an artificial basis...in other words, the tax assessor looks at other properties in the area and tries to relate their selling prices, or assessed values, to your property...whether or not it is similar to them.
I don't know what real estate prices were like in your area 2-3 years ago, or what our current economy has done to them, but if prices have dropped noticeably, it generally takes a while before assessed values drop to follow them.
IN: Staring adversity in the face while working on your car and coming out on top
OUT: Finally realizing that every $%&# thing you touch on your car turns to adversity