What does the Chief County Assessment Office do? 

The Chief County Assessment Office (CCAO) is the coordinating arm for all property tax assessment for Lake County's 283,210 real estate parcels.  Our office oversees the work of local township assessors and acts as a resource to these offices, yet the township has the primary responsibility for valuing property for assessment purposes.

This office is also where the Lake County Board of Review conducts the assessment appeal process, with the staff serving as the support for the Board's work.

The office also determines the equalization factors for each township that are applied to township assessor assessment valuations, according to state statute.  We mail assessment notices to all taxpayers annually, and process all homestead exemption applications.

The 2009 Assessment Notice Changes 

In the past, you will recall that you have received a small postcard containing your property assessment valuation for the current year.  People typically referred to this notice as the "blue card". It typically arrives in the mail in August through November. This year, the assessment notice will continue to be "blue", yet it will be a legal sized sheet that will contain a great deal more information than the notices you previously received.
 
The new assessment notice will provide you basic assessed valuation information, some property characteristics for your property, a breakdown of your last property tax bill by district, a graphic describing the assessment cycle and the tax district levy process, along with information on the homestead exemptions available to Lake County taxpayers.
 
It is our hope that you will find the changes we are making to be informative and valuable to you as taxpayers in Lake County. Please let us know how we can further improve this notice. 

Why are assessment values different from the property values we see in the current real estate market?

Your assessment valuation determined by the township assessor is not intended to be reflective of the actual real estate value of your property on the date you receive this notice.  The local assessor values your property according to state statute. For 2009, sales transactions that occurred in 2006-2008, are used as a basis for this year's assessed values. This process is only intended to be a method of distributing the burden of the property tax across the properties in the Lake County taxing districts.
 
As you can surmise, the values of real estate in 2006 and 2007 were basically pretty good in Lake County.  As a result, when an assessor uses sales from those years as a part of their analysis for assessment valuation purposes, you likely can understand how they would not be a reflection of today's real estate market.

How do 'foreclosure sales', properties sold by financial institutions, and 'short sales' impact assessment valuations?

Lake County has experienced high levels of "foreclosures", properties sold by banks and "short sales" (sales in lieu of foreclosures). In general, many of the "short sales" are being considered by township assessors, our office and the Illinois Department of Revenue in the analysis of assessment valuations.  The inclusion of these sales transactions in assessment analysis does tend to lessen assessed valuations.
 
On the other hand, currently assessment officials are not including "foreclosure" sales and sales that are made by financial institutions in their analysis.  The reason for this is very simple; those transactions do not meet the definition true "market" transaction that involves a "willing buyer and willing seller", and that the sale does not involve any "duress".  The foreclosure sales and bank owned properties do not meet those criteria.  If we receive direction from the Illinois Department of Revenue to include those sales in assessment valuation analysis, we will certainly do so.

Looking for help in evaluating your 2009 assessment value?

When you receive your assessment notice in the August and October timeframe, there are three primary resources to turn to for background information. The first source for information on your assessment valuation is your local township assessor's office.  They determine the base assessment valuation for your property and can provide the best insight.  

The second source for property assessment information is the County's website, www.lakecountyil.gov/assessor which displays basic property characteristic and assessment valuation information compiled from the local assessor's records.  This website also provides search and comparison tools that can help a taxpayer evaluate their property assessment valuation.
 
Finally, If you would like an additional outlet for one-on-one assistance evaluating your assessment valuation, the Chief County Assessment Office will once again be conducting tax assessment help centers this fall at three locations across the county.  Watch your local newspapers and the County website for the schedule.

How do I evaluate my income producing properties for assessment purposes?

The Lake County Board of Review has produced a set of guidelines for providing income and expense information on business related properties to assessors and for the use in an assessment appeal.  The Board has provided a template on their website for the presentation of information and the property expenses that can be included in an assessment analysis.  The Board will request information from you for multiple years and provide recommended ranges for capitalization rates. 
 
For more information on this you can contact Bob Ross, Assistant Chief County Assessment Officer at 847-377-2188 or rross@lakecountyil.gov.

Are you getting all of the property tax relief you are entitled to? 

General Homestead exemption provides up to a $6,000 reduction (for 2009) of the taxable assessed valuation of an individual's primary residence if they are responsible for paying the real estate taxes. 
 
Homestead Improvement exemption provides up to a $25,000 reduction of the taxable assessed valuation for four years if a physical change made to the primary residence results in an increase of the assessed value.
 
Disabled Persons' exemption provides a reduction of $2,000 from the taxable assessed valuation for a disabled person's home if the disability meets certain criteria.  
 
Senior Citizens' exemption provides a reduction of $4,000 (for 2009) from the taxable assessed valuation of the primary residence of a person, 65 years of age or older, if the senior is responsible for paying the real estate tax.
 
Senior Citizens' Assessment Freeze exemption provides that subsequent property value appreciation-related assessment increases is removed from the taxable assessed valuation of the primary residence of a person, 65 years of age or older. The senior's annual household income is $55,000 or less.  
 
Returning Veterans' exemption provides a one-time reduction of $5,000 from the taxable assessed valuation of the veteran's primary residence the year the veteran returns from an armed conflict. 
 
Disabled Veterans' (Specially Adapted Housing) provides a reduction of up to $70,000 from the taxable assessed valuation of the veteran's home if the Federal government has approved payment for construction or modification of the home to meet the physical needs of the veteran's service-related disability.   
 
Disabled Veterans' exemption provides a reduction of $2,500 or $5,000 from the taxable assessed valuation for a disabled veteran's primary residence if the disability meets certain criteria.  
 
For the eligibility requirements for the homestead exemptions listed above you can
contact your local township assessor's office, the Chief County Assessment Office or refer to the county's website at www.lakecountyil.gov/assessor.