Here's some info on real estate taxes

Richard Straka (in a Fence Post letter Dec. 10) wanted to know why real estate taxes increased when market prices are going down. Many other people probably have the same question.

Your tax bill is dependent on two things--the rate being charged by all of the taxing bodies where you live (village, school district, county, forest preserve, library, etc.) and the value of your property on Jan. 1 as determined by your township assessor.

How efficiently tax revenue is spent has to be determined for each of the taxing bodies separately since rates are established by them on an individual basis. Questions about the worth of your property should be addressed to the township assessor's office.

When reviewing your assessment, check the property characteristics for your house (number of bathrooms, square footage, etc.) used by the assessor. This information can be found either by visiting the assessor's office or going on line to the Lake County Web site (click "Property Assessments" under Quick Links, then click either "Find by Property Index Number" or "Find by Address" under Quick Links on that page). Ask your township sssessor to change any characteristic that is incorrect.

If your property assessments are accurate, also check to see if your property is being valued the same as other properties in your neighborhood that are the most like yours. On the Lake County Web site, click "Select Comparable Properties" at the bottom of the Web page where you viewed the Property Characteristics.

In the event you believe that your property is not being taxed like other nearly identical properties, consider a tax appeal.

When determining the value of your property on Jan. 1, assessors are required to consider sales records from properties in your area. A three-year rolling average of sale prices is used to protect against rapid increases in value. This averaging system dampens any decrease in home values, too, so that a six-month decline in home sale prices will not be reflected in lower assessed values until much later.

Also, keep in mind that real estate taxes in Illinois are paid in arrears which means that the tax bill you paid in 2007 is based on the assessed valuation from 2006. The tax bill based on the Jan. 1, 2007 valuation will not be sent out until May, 2008. As already mentioned, it takes time for market price fluctuations to be reflected in changing real estate tax amounts.

I hope the information above helps Mr. Straka and other Lake County residents who want to better understand the real estate tax system.

Michael S. Talbett

Lake County Board

Vice-Chairman

Lake Zurich