Steep assessments surprise residents

If you live in Palatine Township, you might have done a double-take last weekend when the property tax assessments arrived in the mail.

If you live elsewhere in Northwest suburban Cook County, you should already have received your new assessment -- or be prepared for possible sticker shock in the next few months.

Palatine-area officials say they're fielding a lot of phone calls from residents wanting to know why the new assessments are so high.

On average, Palatine Township residents are seeing assessment increases of 30 to 35 percent, township Assessor Terry Kelly said.

Elk Grove and Maine township property owners received their assessments in May and June, and those numbers were also substantially higher.

Officials from both townships cite an increased number of assessment appeals.

Mike Marks of Palatine was among the 38,000 property owners in the township to get the notice over the weekend.

"I was just totally shocked by it," he said. "To be honest, I thought it was a mistake."

His assessment rose more than 20 percent this time.

"I've lived here since 1988," he said. "This was a heart-stopper."

Wheeling Township residents are up next. Their notifications are to be mailed Sept. 21.

"What homeowners need to look at is to see if their home's new assessed value is in line with similar homes in their neighborhood," said Kelly.

If your assessment is higher than your neighbors', that could be the basis for a successful appeal, he said.

The new assessed valuations will be used to calculate the second half of homeowners' 2007 tax bill, which is to be mailed in fall 2008.

Properties in Cook County are reassessed every three years, and the new assessments reflect what's occurring in the market, said Maura Kownacki, spokeswoman for the Cook County assessor's office.

The assessment notice from the county makes reference to a 7-percent assessment cap provision that's up for renewal in the state legislature.

It's referring to the 7 percent expanded homeowner exemption, which started in 2004. It's a three-year program and is set to expire on the second installment tax bills in 2008 if the legislature does not renew it.

The savings from this 7 percent exemption appears on the second installment tax bills as an "expanded" version of the regular homeowner exemption.

This means that properties will continue to be reassessed whether this exemption is in place or not, said Kownacki.

Since the assessed valuation is one piece of the puzzle that goes into calculating property taxes, it's no surprise that people are worried, said Kelly.

"These assessments will effect the bottom line if the 7 percent cap is not renewed or if it's changed or lowered," he said. "It's hard to predict that right now."

State Sen. Matt Murphy, a Palatine Republican says he's "optimistic" an extension will be passed "in some form" to provide taxpayer relief.

Murphy was a co-sponsor of the bill that aims to renew the expanded homeowner exemption.

In Palatine Township, the deadline for appeals is Sept. 4. The township will extend office hours Aug. 15 and 22 until 7 p.m.