Overall Reductions Countywide in 2010 But decreases in assessed values could be misleading
No, that headline’s not a misprint. It’s true; Will County will see an overall reduction in assessments countywide for 2010. This is the first time in over 20 years the county will see that type of decline.
Of course, these reductions make sense. Property values are down across the country, and assessments are starting to re-flect that. Because local township assessors are required to use a three-year sales ratio study to determine market value, they will look at 2007, 2008 and 2009 sales for 2010. And as any homeowner can tell you, those were down markets.
But this news is not necessarily the break that taxpayers have been waiting for. Assessors will still make decreases by neighborhood, so although there will be an overall decrease in assessed value throughout the county, it is possible that not every parcel will receive a reduction. In addition, those taxpayers who will see the largest reductions will be those in areas where prices fell the most.
In addition, taxpayers should not assume that lower assessed values equal lower tax bills. Yes, your property might be worth less in 2010 than it was worth in a prior year. Yes, you might see a decreased assessment to reflect that. But because tax dollars are partially based on the budgets of local taxing districts, which include schools, park districts, fire protection districts and other local government bodies, if taxing districts hold the line on their budgets, tax bills could stay the same or even increase.
As assessments fall, I’m sure the news that tax bills might not reflect these reductions won’t sit well with many taxpayers. But the truth is, the only way bills will go down is if taxing districts curb spending.
In the meantime, the Supervisor of Assessments Office is committed to helping taxpayers through education, outreach and making the assessment process as transparent as possible. Informed taxpayers are empowered taxpayers, and empowering taxpayers is an important responsibility of the Supervisor of Assessments Office, especially in these tough economic times.
Rhonda Novak
Supervisor of Assessments |