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The Assessor’s Office has recently updated its schedule for the village-wide revaluation. Tyler Technologies’ Appraisal and Tax Division was contracted to complete the revaluation, as well as perform assessor services for the Village.
The last village-wide revaluation was conducted in 2014. Since then, the average level of assessment or assessment ratio (assessed value compared to actual market value) fell to to 90% and would drop to the 85% to 86% range in 2019 without performing a revaluation. State law provides for a timetable for a municipality to complete a revaluation once the assessment ratio falls below 90%. The 2019 revaluation will bring assessments back to near 100% of market value in order to comply with state statutes.
Properties that sold during the previous two years will be researched and considered in establishing new values throughout the community. The 2018 (previous year) assessments were still based off of sales that occurred during 2012 and 2013.
Initially for the first phase of the revaluation, representatives of Tyler Technologies will be in the field updating digital images of the homes and businesses in the village. These images will assist the Assessor’s Office in establishing your 2019 assessment, as well as ensuring the assessment records are current to date with exterior information.
It is important to note that the revaluation process in itself does not mean more taxes; that is, property values are adjusted to reflect current market conditions throughout the village, leading to a more equitable distribution of taxes based on the current market value of each property.
Property owners should expect to receive a notice of their 2019 assessment in early June 2019. The value on that notice is intended to represent the full market value of that property as of January 1, 2019, as indicated by comparable sales in the village and will include instructions on how to contact the assessor’s office in order to discuss the 2019 assessment if desired, as well as the dates for the Open Book and Board of Review.
The “Open Book” period is the time owners may informally discuss the 2019 value with representatives of Tyler Technologies if they are in disagreement with the value or have general questions. The Board of Review is a formal appeal process that operates similar to a court and property owners must prove by way of evidence and testimony that the assessment is incorrect when appealing an assessment to the Board of Review.
The 2019 assessed values of properties will be reflected on the tax bills in December of 2019. If you have any questions regarding the revaluation, please contact the Assessor’s Office at 414-962-6690 extension 124.