I have read with interest the various articles and charts published by Trulia for the past several months... and the trends are what they are....

Asked by Tim Hunter, 60178 Thu May 27, 2010

like many others, I have a situation with the market value process of Real Estate in DeKalb County, IL. While the overall market trend in down everywhere, the assessor in DeKalb county indicates home values are up, up... can you believe that?
I am looking for factual information that would sway the assessor that property values are in fact down 24%-28%....of course, at the same time they say the multliplier is down the property values are up!!! Any suggestions to build a case to have next years taxes reduced?
Thank you in advance for your prompt response.

Tim Hunter
thunter2@kw.com

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James DuMont, Agent, St Charles, IL
Mon Jun 7, 2010
Hi Tim...I've had much success in Sycamore Township. Not so much in other townships in the area. One of the big problems is they state the assessment is based on the previous 3 years....so for the taxes we are paying this year, they are pulling comps and info from 06-08..........the 3 highest years for prices in Sycamore and DeKalb. What I've done for my clients is pull comps and make notes. So, for people wanting to fight 2010 taxes, they have to file a petition in October or November when the new assessments come out. I then would pull the comps from about September 2009- Feb. 2010 and try to make a case with those. I pull listing history, client mls sheet, dekalbcounty.org tax sheet and go from there. So far, everybody that I've done this for has won and their assessment has been lowered the next year. It's a pain in the butt, but the clients sure appreciate it. Feel free to give me a call or shoot me an email if you have any questions- I'm always more than happy to help out other agents or potential clients. ps. did your son buy anything? I met him at an open a few months back.
1 vote
Richard Sand…, Other Pro, Portland, OR
Tue Jun 8, 2010
I agree with Scott and Jim. But don’t overlook a key resource available to you: Your local assessor. Or at least visit their web site to get some facts. Most assessors have a public relations outreach program designed especially for helping property owners, and potential property owners, understand assessments and taxes.

For each reassessment the value is estimated by the local assessor as of a specific “effective date” that considers sales studied for a specific timeframe. You want comparable sale as close to the effective date as possible (say January 1, 2010) so don’t get comps through May 2010, they’ll just be ignored. And be sure to have some sales during the period studied by the assessor. If the assessor has an effective date for assessments of January 1, 2010 (hypothetical), he or she may have studied sales through September 30, 2009, in order to complete their work and send assessment notices out on time. The reason sales after there study period may be ignored is the fact that assessors are more concerned about assessment uniformity than they are about estimate market value. If all residential property assessments for 2010 after considering sales though September 30, 2009, it’s uniform (and fair) that he consider that same time frame when reviewing your assessment on appeal. This time delay has always been present, however, it’s not noticed until market values head downward. The real estate tax rate applies to all properties uniformly so assessment must be uniform to fairly distribute the tax burden.
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu May 27, 2010
Tim you forst need to find teh dates they are using, such as from what period/date to now. If they are using just the last year, then yes prices could have been up as last year didnt have as many sales and prices therefore sold at a lower price. However most reassessments are based from the last assesment (so using the last assessesed value) to the new assessed value (which would be now) By all means that should be down.

A trick many assessors use is lowering the multiplier which raises the values. The reason is once teh value is established high, if the tax goes up next year it is based on that higher value, as well the reason they want teh value higher is if the assess every 5 years say, we know the values are going to go up the next 5 years and they want to squeeze as many tax dollars out they can.

i hope this helps.
Web Reference:  http://www.ScottSellsNH.com
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