Appealing an assessed valuation requires written objection
Q. I just received my real estate tax assessment in the mail. I know I've read in your column that if I want to contest the assessment, I have a limited amount of time. How much time do I have? Also, you talked about the arguments a homeowner can make to reduce the assessment. What were they?
A. Look at your assessment notice. Most likely it states you have 30 days to file a written objection to the assessment from the date the assessment was published. The publication date should be on the notice.
In regards to the basis for an objection, generally, there are two used by residential homeowners.
The first is that the assessment is too high based upon the fair market value of the property. In the outlying counties, the assessment is generally targeted to be 33 percent of the fair market value. In Cook County, the assessment is targeted to be 10 percent of the fair market value. So, if you live in Cook County and your assessment is $20,000, the county is taking the position that your property is worth $200,000. If you get an assessment of $80,000 in Lake County, the county is taking the position that your property is worth $240,000.
Look at your assessment and do the math. If the resulting fair market value figure is greater than what you believe your home is worth, you have the basis for a complaint. You will need to furnish documentation to the county supporting your argument. That could be either evidence of recent past sales of properties located close to you and similar to your property or you could provide a certified appraisal. The appraisal will cost you $300 to $500 or more based upon the size of your home.
If you purchased your home within the past year or year and a half, you could use your purchase price to establish the fair market value of your property, presuming this was a conventional transaction. In the event you purchased from a bank or other foreclosing entity that obtained the property through foreclosure or a deed in lieu, the county will generally not treat the purchase price as evidence of fair market value.
The second basis is that your property is not being assessed consistently with similar properties. Say you own a split level in Forest Creek subdivision in Bartlett. Drive your subdivision and pull the addresses of all the splits in your subdivision. A little work online will result in your obtaining the assessed valuation of all these properties. If your valuation is greater than most or all of these properties, you have the basis for a complaint.
Sometimes, a phone call to your township assessor will result in a reduction of your assessed valuation without a formal filing. It's usually worth a shot. Be prepared with your evidence supporting your position.
Visit the county assessor's website for further information and instructions on filing.
Q. I am going to be renting an apartment with another guy whom I just met. He seems like a nice guy but I'm concerned as to what happens if he leaves or he can't pay the rent.
A. You should be concerned. Most landlords will insist you both agree to be jointly liable for the rent. This means that the landlord doesn't care if you have your half and your roommate doesn't have his. All the landlord cares about is being paid in full each month. If he isn't, in most circumstances, he could sue either or both of you for the full amount owed, which could include rent even after you leave.
You could ask the landlord if he will lease to each of you individually for half the rent. This is unlikely. However, if the property has been vacant and the landlord is desperate to get someone in, he may go along. The better practice is to know who you're becoming financially involved with. Ask him for permission to run a credit check and offer him the option of running one on you. Find out where he has lived the past few years and talk to his landlords. Finding out as much as you can about him is your best defense against the concerns you raise.
• Send your questions to attorney Tom Resnick, 345 N. Quentin Road, Palatine, IL 60067, by email to tdr100@hotmail.com or call (847) 359-8983.