Regulations needed on assessment system
Regulation could make a good assessment system better in these challenging times. Both families and government are trying to manage with stagnant or falling incomes and revenues. Property values plummet but property taxes do not.
According to local officials, property tax appeals in Lake County have exploded from 6,000 to 26,000 a year. The majority are submitted by tax consultants, even some lawyers — many who appear unqualified.
The Illinois Revenue Department considers Lake County’s accuracy in assessments and uniformity as a model among Illinois’ 102 counties. The system is transparent, with a state-of-the-art online assessment search program that reveals the assessor’s sales and plat of surveys. This assessment system puts homeowners on an equal footing with consultants and lawyers when gathering evidence for tax appeals.
By comparison, Cook County, which has the largest number of appeals in the country at 240,000, does not allow the general public access to the assessor’s sales or surveys. Lawyers who assist taxpayers with appeals might suggest that they should be exclusive service providers.
Yet, some lawyers do not have training in property valuations, the most relevant skill-set in appeals. Professional assessment organizations have long advocated for greater choices for homeowners who need tax appeal assistance.
These choices include appraisers, accountants, and professionals experienced with tax appeals. Where is progress possible that furthers taxpayers’ access to a tax system that can correct for inequities, while encouraging best practices?
The International Association of Assessing Officers is one resource. It certifies assessment practitioners and assists states in developing regulations.
The Illinois Department of Financial and Professional Regulation oversees numerous industries, including appraisers and real estate brokers. All tax appeal practitioners should be included in their oversight.
State legislation should be enacted to regulate tax consultants. With regulations in place, Lake County can continue to be a model for understandable and accessible assessment systems.
Andrea A. Raila
Chicago