Understanding Your Property Tax Assessment
Property Tax I wanted to make sure I went to a property tax information meeting at Lake County College and I have two hats on it. Avon & Warren Township Assessors Lake County Tax Assessor Marty Paulson has had his hat cut off. I meant that it was a big task to explain to everyone in time as they stayed in the room for almost two and a half hours answering every question in the room alone. Trying to do this is really quick. As you know I am always committed to providing you with financially useful information and this video blog will be the same now. Unfortunately, I’m definitely talking about Lake County, Illinois. But in many other states, similar things will happen. If you are in Lake County, you can find information here. It will be a sweet place for you. Then you can use the same kind of stuff if you are in other countries. Your Assessors So I Did Lake County has been very active on their website and I will leave you a few links here. Because you have used it so friendly it makes it easier for you to understand how your assessment is. The other thing they did was tools you could look at your neighbor’s comparisons to see if your assessment was correct. Take a look at this very soon, yes, your blue letter Yes, it’s used as a small postcard and it has gone to both sides of the country so you can keep all the information in front of you and then you can understand the point.
They are actively taking action on this so applause will go back to Lake County and let me know how I wanted to do this Usually when you receive this blue letter in the mail, tick the clock and if there is any error in this information you will find that the wrong year of your house was built or the wrong size of your house and the wrong room or something like that or your assessment of your house is overvalued. There are only 30 days left and you can work with your assessor to make the appropriate changes. So it is very important to understand that you are looking for this blue article that has already left several cities in Lake County. He has already left Antioch on August 31st. So by September 30, they have to be operational in Fremont Township. They left on August 11th and it will be passed on September 12th. Libertyville is set for September 8th. So you have to do this from October 10th to September 7th from the war.
You have to do this by October 7th. er is 22 so you have until October 24th and if I had not mentioned your township your thing would not have gone out yet. But once it comes out and is published in local newspapers, you only have 30 days. So it is important to get your tax bill at the end of the period and 30 days and make sure it is included in your calendar for the next year. You have to be vigilant for that. I have shown you that you have to make it work well. If you can see in this blue sheet that I want you to cover quickly then grab it and move on if you can get it. If this is not the case then maybe you should try running it again or follow it with me, but here are a few things I need to make sure I point out and this may be the best thing to do first. Establishing what is known as fair monetary value. I’m not saying this is really important full fair value market value I knew, so it’s not market value that they do not decide what you are selling your home for and many times this can be one of the biggest things for many people Understood and I got a definition of what it is last night. So it is very important. So I will share with you the definition of fair value.
Marty Paulson In his presentation the money for a property is an important part of the business and trade that should not be between a willing buyer and a willing seller can be sold here. So check this out for dirt. Unfortunately that is our market today. Today it is in a dilemma and there is a willing buyer and a willing seller and unfortunately there are not a large number of willing sellers. So this is a very special time. So there must be patience for these assessors. I do not want to be a pawnbroker, so it’s a difficult task today and I’ll give you the statistics they shared with us last night to show you how difficult this was in 2004. Lake Kui sold 25,000 homes in 2004, up from 8,000 in 2010, making it important to determine comparable values with problem data. Otherwise it is a difficult task for an assessee and an appraiser to do their job. So we have to be patient with them. The important thing here is that it is fair money value not in capital letters but in market value. So what they do is they show you this form is the other thing they do.
This is also important because what they are looking at is a valuation assessment by January 1, 2011. They will look at it and say what its value is on January 1, 2011. So if the market is down in the next nine months, they are not looking at what the value is, as of today September 2011 it runs until January 1st. More importantly, when they look at values they are usually at a high level and they go back because they look at 3 years and they are right they say 20 for a fair currency value January 1, 2011 that year to determine its value It’s really important to understand this on January 8, 2010 in all the homes in your neighborhood for 3, and this important game is that house values really started to fall in 2008-2009. Clearly 2010 and remember where we are today If you look at the market peak in late 2007, September 2007 was the real peak in Chicago. So you have to understand that it started to fall apart. The 2008 data is still at a high level and you should understand this when you look at what you need to assess this by looking at it. We believe that market value exists today relative to what you believe. All we need to do four years ago is follow your contact information for your assessee and you need to reach out to your assessee without having to worry about going to the person you want to talk to. Review Board and Fight Your Appraisal I’m sorry, work with your appraiser and appraiser Charlie Mullen in Warren Township.
He was there last night. He was very high-minded and informative and would tell me anytime anyone told me anything. I will come You & # 39; ll be very proactive and friendly, they want to help you make sure this is the right thing to do, but they recommend that you do it here to check the accuracy of the information and contact your assessor if you see anything from 2008 to 2010. Based on sales. Then your property gives it a third of its value. So if the fair market or fair money in your home forgives me the wrong value of the fair money is three lakhs, the estimated value is one hundred thousand, of which thirty-three per cent and before attempting to reconsider, try to review the information about your property with your appraiser. should. If you’ve lived in previous years and you’ve qualified for a waiver, it’s important to take advantage of these at home and it is your primary home and there are several waivers that you may qualify for. This will reduce your estimated value. So deducting the taxes you pay from your property taxes includes some of these. These include the release of your average home, and in that example you can easily reduce your appraised value by $ 6,000, and a home valued at $ 100,000 will drop to ninety-four thousand. If you have a home improvement by deducting what you have to pay, if you upgrade your home you are eligible for a waiver The release of a disabled person is a release from a senior citizen and even if you are a senior citizen above 65 or above your tax bill Freezing where it can be frozen and one thing I learned last night is that both spouses do not have to be 65 or old r If there is an expert you know I heard last night, one of the spouses is 65 or older. Must be experts.
I reach out to my expert today because I know he is in my neighborhood. He will also have a disabled veteran release above you on the return veteran release. So all these releases are there. That’s one of the things I actually got about being there last night. It is not the people who are trying to make themselves aware of this or the beneficiaries who should receive the benefits and I do not have time for that.One thing I learned last night was to make sure the tax distribution is paid across the country and if you do not listen and you do not take notes and you do not sign up for this in advance, you will have someone else out there and devalue their appraisal Do what needs to be done, which means everyone else has to pay for it. So all you have to do is go out and learn about it knowing that it is about you and that you have a self-interest in yourself. But I’m here, I’m one thing about this, I’m here to help bring this to you and if there are any questions they call me because of the selfishness of all our clients to understand this myself and then obviously every other The importance of helping everyone get their coaches out has been in the local newspapers since those 30 days, and usually the next day the blue letters are very technically possible for you in as little as 29 days. There are also places for tax relief when you see this blue letter. So make sure you connect with them.
You will be able to re-evaluate the steps they recommend here. If you are nowhere to be found with your assessee, contact your local city assessee No. 2 for a border review. If you let them know what it does they will add or subtract words and if you can add or subtract it you will find out here. Then once you know your valuation value you also have a method. Let me know what your property tax is. One of the most interesting things I learned last night was what you get as an appraised value and go to the city where you live in the tax area. Having a tax rate to it is what Marty mentioned last night when I look at my notes there were 225 tax districts last year but when you start locating in different districts we start to add to the fire police in school libraries that there are 1500 different combinations. The median tax rate has risen from 6 percent to 4 points last year, and I’m leaving a link to this. Because their website has a complete list of different tax rates and they range from me. Which means it’s about to be the most delusional time of the year, as well. I think I was surprised at your estimated value being as low as five percent and as high as eleven percent, so if you use the estimated value of one million dollars correctly you think about it for example and if you had five, it would be a percentage Let’s use an example of a tax rate of five to five hundred per 100,000, so it is clear that you have to have fifteen hundred in our tax bill. More than double. Tax rates and estimated values play this math together.
Identify what you have to pay for some of the other notes I have listed here, I want to make sure you get rid of everything APRI The appeal process is really simple and I have personally done this personally with my primary home Warren Township appraiser for the past two years. It’s basically working with him and getting the details and giving them back now. Going to the appraiser first as they recommended they had a very calm communication with us very openly and there was no negativity. They understood what we were trying to do and they tried to help me and we put it all into action. Being able to make changes over the last two years and reduce my rating is very important here. You want to make sure this is done the right way because they want to understand that your assessee is here but you have received this limited window and so I made a big point to say that this is an important point some of you have already made Some of you have passed and you are in the middle of it and some of you will come to her very soon e should be ready but one thing I have talked to clients before is that there are different companies out there that have rules if there are previous services. Doing this for you was once again a nightmare.
Night and I say it, I have been saying this for years that they do not use very expensive services and they tend to do what you can do on your own and have the tools you need to elevate your information compared to what you already have with your neighbors I’ll put a link here to the Lake County Assessors website. If you find that you are in the right place and you find errors, you can proceed with the size of the room you have named according to the age of the room in your home and immediately notify the assessee and give them a phone call to do it yourself. There is no red tape for this. It’s a very simple process to be able to do it again in the last two years. These companies know what you have to pay, they get your money and they go to the Lake County website and do what you can do for free, but you have to pay a big fee. Has been the talk of the town since last night. I will say it again today. I have been saying it for years. Do not hire services to do it alone. If you need help give me a call and I will help you free and direct you in the right direction and I will be able to take you to the place where you want to be satisfied with the many links I share with you in this post. I’ve mentioned this before, but it’s an eye opener on how the market we’ve been to since 25,000 has completely changed.Lake County had sales of 8,000 in 2004 and 8,000 in 2010.
Assessors need to understand why this has been such a difficult time for you and you need to understand state appraisers because these two are really hurtful people who can compare data to their friend and Having so many of them helps them gain value for everyone who finds it difficult to do so today. I hope you enjoyed this. I believe this is worth it to you. I hope this will be a valuable one for you. Give this to all your friends and family. Because we all need to make sure we know and that’s what I do today until someone tells you that we often do not know what I do not know.
I ‘ve been able to understand this for years and now I want to give it to you. Then you run out of it so you can get a final note on your financial situation and if they haven’t talked to you. You have two options on refinancing the ITs in front of you make sure your valuation is accurate, then you not only pay the minimum property tax and you save money on it, but this historically low with an unprecedented four-year 30-year low rate You can also take advantage of interest rates. I know you have to stand up and do this to get the most out of it again. I know we do not have enough time. But it is imperative if you want to make sure you are doing the right thing financially. Money and as you know I came here because you believe you will enjoy this peace. Let us know any questions. If you are not in the lake, apply this to your other states. Sorry this is all special Lake but the best thing I know is that I live here and I have taken the time to understand it but it must be pretty much the same. Go ahead with what I have spoken to your countries and go to your State Assessor.
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