August 2009

Dear Lake County Resident, 

Changes to Your Assessment Notice

Understanding Your Property Assessment

• Check out dates and times

In This Issue

Changes to Your Assessment Notice

Understanding Your Property Assessment

5 Assessment Facts You Should Know

Appealing Your Property Assessment

Frequently Asked Questions

Assessment Notices/Publications

Quick Links

Five Assessment Facts You Should Know

1. An assessment is the process of appraising property and giving it an estimated value, which is the basis for determining what portion of the total tax burden each property owner will bear.
2. The tax burden is created by taxing bodies (schools, villages, townships, county government). Each taxing district* develops its own budget and sets a property tax levy. You can provide input on this at public hearings. Contact the taxing body for questions about its budget process.
3. The assessment notice is not a tax bill. It shows the estimate of what property is worth and an estimate of current fair cash value of your property based upon the sales transactions in 2006-2008.
4. Assessed values are different from current market values of properties. Local assessors determine values based on sales from the last three years (2006-2008), so it's not a reflection of today's real estate market.
5. If you feel that your assessment is inaccurate, you have 30 days from the publication date to appeal. (Follow steps outlined below).

*There are 231 taxing districts that levy taxes in Lake County (e.g.: schools, local government, libraries). The Lake County Treasurer collects taxes on behalf of these taxing bodies and then distributes the funds. Lake County government keeps only 7% to fund County services.

Appealing Your Property Assessment

5 Steps to Appeal my Property Assessment

1. Review assessment notice and use web assessment tools to compare property assessments.
   
   How to use the web assessment tools (verify your assessment information and create a comparison grid)
2. Contact your local township assessor's office
3. Research and collect evidence to support your appeal.
   
   Evidence Needed
   Appeal Forms
   Board of Review Rules
4. Lake County Board of Review Hearing
   Appeal presentations are limited to 15 minutes
5. Board of Review Notice of Findings (Results).
   If you don't agree with the Board of Review Notice of Findings, you can appeal the State Property Tax Appeal Board within 30 days from the date on the notice.

Frequently Asked Questions

HOME VALUES HAVE BEEN FALLING. WILL MY TAX BILL ALSO GO DOWN?
The simple answer is no. Property taxes are distributed to taxing districts (cities, schools, townships) and unless these taxing bodies reduce their budgets, tax bills will not change. The "Tax Cap" limits the amount governments can increase from year to year based upon the Consumer Price Index (CPI). This means, for 2009 tax bills, which are paid in 2010, the CPI will result in an increase in property taxes of just point one percent. So, for every $100 of your tax bill, it will increase by only 10 cents.
 
HOW CAN I GET TAX RELIEF?
Save money by filing for homestead exemptions. You may be eligible for one or more of these exemptions. Some are automatically applied and you must apply for others. Learn more.

Assessment Notices/Publications