Lake County - assessment value increases (Vernon: assessor, home, property taxes)

[zolcat]

Just got a letter indicating the assessed value of the property would be going up by 3.4% over last year.

Is it reasonable to expect the property taxes will also go up?

I see flyers and signs in a few places advertising reduction in property taxes at no cost. Are these scams, or a legitimate service? How does it work?

[LeisureSLarry]

Originally Posted by zolcat

Just got a letter indicating the assessed value of the property would be going up by 3.4% over last year.

Is it reasonable to expect the property taxes will also go up?

I see flyers and signs in a few places advertising reduction in property taxes at no cost. Are these scams, or a legitimate service? How does it work?

It is a convenience fee basically. They will push back on your assessment and take a cut of the tax savings or you can do it yourself as well. It isn't free - you are paying.

It also isn't a complicated process and in high tax dependent districts they tend to over-appraise as they bank on people not saying anything about it so feel free to do it yourself. In my experience it is a rubber stamp review usually unless the home is undervalued relative to market. Make sure you have good comps.

Contact your village/town assessor or administrative clerk and they can point you in the right direction.

[zolcat]

I understand, they need to make money, reducing taxes can't be a charitable work

[zolcat]

Sorry, message got truncated in the copy/paste.

I heard in a town hall the assessors office push back on review appeals - is this just posturing? Is there a way to determine how many properties get reassessed at a lower value?

[wjj]

Originally Posted by zolcat

Sorry, message got truncated in the copy/paste.

I heard in a town hall the assessors office push back on review appeals - is this just posturing? Is there a way to determine how many properties get reassessed at a lower value?

I had my assessment reduced on appeal a few years ago. Vernon Township. A leading tax appeal firm turned down my case (not enough in it for them in their opinion) so I did it myself. Saved about $1,300 in actual tax that year and subsequent years (less than 10% savings which is why it was not worth it for the appeal firm - but it was worth it for me). I just got my reassessment yesterday and it increased 11.4%. So I have already started putting another appeal together. An 11.4% increase in assessed valuation does not mean that the bottom line RE tax will increase by a like amount. But there is no question there will be an increase and it probably won't be small. So worth my time.

We'll see how it goes this time.

As an aside showing how moribund the RE market is here, the new assessment finally reached the high point assessed valuation of my property which was reached in 2009! It has taken 14 years to just get back to 2009 levels.

[zolcat]

Wjj, You are right, it may not be worth the time for someone else, but definitely worth it for the homeowner.

Would you mind sharing what you did, either over here or via DM?

[wjj]

Originally Posted by zolcat

Wjj, You are right, it may not be worth the time for someone else, but definitely worth it for the homeowner.

Would you mind sharing what you did, either over here or via DM?

DM sent.