FREQUENTLY ASKED QUESTIONS

By Assessor Terry Kelly

What is the purpose of property assessment?

The goal of assessment is to accurately estimate the market value of all properties in a community in order to determine each property's fair share of community taxes.  Ideally, a property whose value is equal to 1% of the community's total property value will pay 1% of the community's taxes. 

Who determines the assessed value?

The Cook County Assessor assesses all properties in the county.  Palatine Township's Assessor does not assess property, but instead facilitates communication between local taxpayers and the county assessor.

How often are Palatine Township's properties reassessed?

Every three years.  Palatine Township was reassessed 2007 and again in 2010.

How is the assessed value determined?

First the county assessor estimates the market value of property.  This is the price a buyer would pay for property offered for sale on the open market.

But my home hasn't sold recently.  How is its value determined by the assessor?

The assessor reviews current sale prices of homes in your neighborhood to estimate the market value of all similar homes nearby, including those that have not sold recently.

Does the county assessor know the size and other characteristics of my property?

Yes.  The assessor maintains a characteristics file on each property which we can give you.  Errors in the file can be corrected by filing an appeal.

The "market value" indicated on my last tax bill is less than my property's true value.  Why?

"Market value" has traditionally been about 37% below actual sale prices.  "Tax value" may be a more accurate term than "market value."

Why is my assessed valuation different from my property's market value?

Cook County requires that homes, condominiums, and small apartment buildings be assessed at 10% of market value, and that other property types be assessed at different percentages of value.  Cook County is the only county in Illinois where assessment levels vary by property class.  This system reduces the tax burden on residential properties while increasing it on businesses and large apartment buildings.

What if I think my assessment is too high?

File an appeal.  Appeals typically arise when:

• There are errors in your home's characterics file.
• Your home's assessment is higher than that of comparable properties in your neighborhood.
• Your house is in a very poor state of repair or has suffered structural damage.
• Negative conditions in the area around your property or other factors reduce your home's value.

How do I appeal my assessment?

The township assessor can help you prepare the evidence you will need to support your appeal.

The county assessor accepts appeals every year during a 30-day period.  If you miss the appeal period or dispute the assessor's decision, the Cook County Board of Review also has a 30-day appeal period each year. 

Can a condominium unit owner appeal?

Yes, but the condominium association acting on behalf of the entire building is more apt to succeed.  Each unit is assessed in proportion to the building's total value.  The association is often better able to challenge a building's total value than one unit owner.

Is there any charge for appealing my assessment?

No. Our office will help you file an appeal.

If I appeal my assessment and receive a reduction, where will it appear on my tax bill?

On the second installment, which usually arrives in the fall.

How often can I appeal my property tax assessment?

You can appeal your assessment every year at the Cook County Assessor's Office, the Cook County Board of Review, and the Property Tax Appeal Board (PTAB).  If you wish to file an appeal, you must do so by filing during the open appeals time.

Where do I gather evidence for my assessment appeal?

You can gather evidence here at the Palatine Township Assessor's Office, at the Cook County Assessor's Office, and online at the Cook County Assessor's web site.

Do I need an attorney to file an appeal?

No attorney is needed to file an appeal at the Assessor's office for any type of property.  However, if your property is an incorporated business, you do need an attorney to appeal at the Board of Review and the Property Tax Appeal Board (PTAB).

If I take out a building permit for work on my house, will my assessment increase?

Not in most cases.  Common upgrades such as kitchen updates, new roofs, and porch upgrades usually do not lead to higher assessments.  However, upgrades that increase a property's living space will result in higher assessments, as will a new garage. 

Upgrades that trigger increased assessments receive the home improvement exemption, which defers improvement-related assessment increases for four years.  The exemption is automatically applied, but is available only for the first $75,000 in improvements.

Explain multipliers and equalized assessments.

Although Cook County assesses properties at different levels, state law requires that a county's overall level of assessment equal 33% of the market value of all county properties.  To reach the 33% level, the state increases each assessment by a uniform factor known as the state multiplier or equalizer.

Multiplying a property's assessment by the equalizer yields the equalized assessment.  The equalized assessment is then reduced by exemptions, (see next section) and the result is multiplied by the community tax rate.  This final calculation yields your tax bill.

What is the Homeowner exemption?

The homeowner exemption reduces the taxes on owner-occupied homes, condominiums and small apartment buildings.  Homeowners should apply for the exemption when applications are mailed.  Those eligible for the exemption who have not received it should call our office for refund information.

What if I did not receive a Homeowners or Homestead (Senior) Exemption to which I was entitled?

You can apply for a Certificate of Error at our office or the County Assessor's office and receive a refund on the extra taxes you paid for the most recent three years. If you have not yet paid this year's bill, call the County Assessor to receive your exemptions and get your tax bill changed.