Will a change in the value of my property reduce my tax bill?
Not necessarily. Your property tax bill is the product of your property’s Equalized Assessed Value times the aggregate tax rate for the taxing entities where your property is located. The Equalized Assessed Valuation (EAV) is your property’s fair market value times .3333. So if your EAV went down, but your aggregate tax rate went up, it is entirely possible that your actual property tax bill stayed the same or increased. The Board of Review has no power to affect the aggregate tax rate for your property.
I received a reduction in the assessed value of my property this year. How long does the new assessed value last?
In most cases it will stay until the next reassessment year for that particular township (every four years). If a change is made to the value of the property (with the exception of farmland) you will receive a change of assessment notice in the mail. That notice will give the information regarding how to appeal the change.
How do exemptions affect my property value?
Exemptions do not affect the property value. If you are eligible for exemptions they are subtracted from the EAV of your property when tax bills are calculated. For example: if you have an owner-occupied exemption (currently valued at $6,000) and your property has an EAV of $26,000, your tax bill will be based on $20,000.
I am a senior citizen receiving the assessment freeze. I know that the assessment freeze is based on income. If my adult child moves back in with me but doesn’t contribute to the household expenses, do I have to include his/her income in calculating my eligibility for the freeze?
Yes, you must include the income of you, your spouse, and all other individuals that live in your household, even if you receive no income from the individual. The additional income may affect your eligibility for an assessment freeze.
My parents have relocated to a local nursing home facility. Are they still eligible for exemptions on their property?
Yes, if the house remains empty and they retain their ownership interest in the home, they are eligible to continue to receive the exemptions. However, if the property is lived in by anyone else, including a family member, these exemptions will be removed.