1. An assessment is the process of appraising property and giving it an estimated value, which is the basis for determining what portion of the total tax burden each property owner will bear.
2. The tax burden is created by taxing bodies (schools, villages, townships, county government). Each taxing district* develops its own budget and sets a property tax levy. You can provide input on this at public hearings. Contact the taxing body for questions about its budget process.
3. The assessment notice is not a tax bill. It shows the estimate of what property is worth and an estimate of current fair cash value of your property based upon the sales transactions in 2006-2008.
4. Assessed values are different from current market values of properties. Local assessors determine values based on sales from the last three years (2006-2008), so it's not a reflection of today's real estate market.
If you feel that your assessment is inaccurate, you have 30 days from the publication date to appeal. (Follow steps outlined below).
*There are 231 taxing districts that levy taxes in Lake County (e.g.: schools, local government, libraries). The Lake County Treasurer collects taxes on behalf of these taxing bodies and then distributes the funds. Lake County government keeps only 7% to fund County services.
