HOW DO I READ THE ASSESSMENT NOTICE?

1)      There are two components to the assessment; land and building.

2)      The new (beginning 2010) assessment notice is a full, two-sided page being mailed out in an envelope.  This new assessment notice has lots of information including the full market value after equalization.  There is no more guessing about the full market value.

What can I do if I don't agree with the market value?

1)      You have the right to appeal your assessment within the legal 30-day appeal period.  The appeal period begins with the publication date - not the date you received the assessment notice.

2)      Two main basis for appeal:
         a.  Assessment exceeds market value
         b.  Assessment is not uniform within similarly designed buildings in your         neighborhood.

3)      Information on how to appeal your assessment is listed on our website - under the Appeals.

4)      You must have detailed evidence; not just headlines or similar market generalities.

5)      If you decide to formally appeal your assessment with the county Board of Review you may download the required forms from the county website:  http://www.co.mchenry.il.us/departments/assessments/Pages/FormsRules.aspx.  Make sure to get all the necessary pages and instructions.

6)      Our office will have extended evening hours during the 30-day appeal period for those owners unable to come in during the normal 8:30 AM - 4:30 PM time.
Remember - you are appealing the assessment (value as of January 1, 2011) - not the $ amount of taxes.

WHAT IS AN EQUALIZATION FACTOR?

It's a multiplier, calculated by the county assessment office per State of Illinois (Department of Revenue) statutes.  It is based on the 3-year median average level of assessments in that particular township.  It is applied to the entire township properties except farmland and farm buildings.  It can vary from township to township.

OK, SO WHAT DOES ALL THAT MEAN?

1)      By law we are required to assess properties at one-third market value (33.33% of market value).  I could be the most popular assessor around if I just reduced all assessments.  However, our work is measured by the calculation of sales ratios by the county and the state.

2)      A sales ratio is the current selling price divided by the prior year EAV (equalized assessed value).  That sales ratio ideally should be 33.33%.  Example:  If a house sold in 2011 for $100,000 and the prior year EAV was $25,000 that would calculate to a sales ratio of 25% (not good).  If that same sale prior year EAV was $33,000 the sales ratio would be 33%.

3)      No matter what the sales ratio is (high or low) these numbers are ranked and the middle value of the entire batch is called the median.

4)      The equalization factor is based on a 3-year average of the median.  Therefore, if over the 3-year period the median averaged less that 33% we would have a positive multiplier.  Because 2007 fell off and is replaced by 2008 when the market began to decline we saw a negative multiplier for 2011.
The objective of the equalization factor is to bring the prior 3-year median average level of assessments to 33.33% for the current assessment year.

5)      If we make too many assessment reductions for 2011 it will only result in a higher equalization factor applied to the entire township!
The property assessment process is complicated, but everyone deserves to be assessed fairly - as close to 33.33% as possible.

The assessor is the 'pie slicer' - not the 'pie maker'.  We don't determine the amount of the real estate taxes payable - that's determined by the amount of the dollars required by the various governments in the taxing district.

A taxing district is best described as going down the line in a cafeteria.  You must pay for the items you put on your tray.  Your 'tray' is made up of county, township, fire protection, schools, libraries, cities, conservation districts, etc.

A reduced assessment does not guarantee a reduced tax bill.  If the same amount of $$ are required by the taxing districts but the assessments are lower it only increases the tax rates.