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Our Mission: To ensure that the property valuation responsibilities in the property tax cycle are accomplished in an efficient and timely fashion. In doing so, the CCAO serves as a resource to both taxpayers and the property assessment professionals in Lake County in order to meet this end. |
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Martin P. Paulson M.B.A. M.S
Chief County Assessment Officer
Contact Us:
Chief County Assessment Office
18 N County St - 7th Floor
Waukegan, IL 60085
847-377-2050 (phone)
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  2010 Tax Year - What is happening with assessment valuations?
For the most part Lake County residents will see assessment valuations lower for 2010 (and likely in 2011 as well). Reductions in assessment valuations will drop by 4-9% in most townships. Waukegan Township will see the largest valuation reductions in the county, with the drop being an average of 12%. Since real estate sales are still slow and generally below current assessed values, the trend for 2011 looks to be similar to 2010. |
What will occur with property taxes as a result of lower assessed values?
It is unlikely that taxpayers will see lower property taxes as a result of lower assessed values. If taxing districts ask for the same or more revenues from property tax, it is unlikely tax bills will decrease.Lake County taxing districts are governed by the "property tax cap". That "cap" was put in place in 1991 and provided guarantees for taxpayers as well as taxing districts. With the implementation of the "cap", taxpayers received a guarantee that in the aggregate, taxes would be capped by a CPI figure or 5%, whichever is less. This put to rest the double-digit property tax increases that taxpayers were seeing in the years (1985-90) just prior to the "cap" being instituted. Yet, taxing districts were also afforded a guarantee of sorts of being able to essentially receive at least the highest revenue from the property tax that they received in the preceding three tax years. In addition, each year taxing districts can take advantage of any "new property" valuations that occur in their jurisdiction's boundaries.
There will be some districts that will incur revenue cuts if they meet a second set of "controls", which involves tax rates in their individual funds. If values fall enough to have fund rates rise to a level that they exceed fund limits set by state law, taxing districts could see additional limits to what they can receive from the property tax.
It is also important to point out that Lake County has multiple "Home Rule" municipalities that are not subject to "tax caps", and thus do not have the same limits as other municipalities. These municipalities include:
- Bannockburn - Lake Barrington - Park City
- Barrington Hills - Lake Bluff - Riverwoods
- Buffalo Grove - Lincolnshire - Round Lake Beach
- Deerfield - Mettawa - Waukegan
- Gurnee - Mundelein - Wheeling
- Highland Park - North Chicago - Volo
- Highwood - Old Mill Creek |
 Escrow Payments
Each fall mortgage companies who
require an escrow payment from you conduct an evaluation of the status of your escrow account. In that process, they could find that your account is over-funded or under-funded. If your account is under-funded, based upon your last property tax bill, it is likely that the mortgage company will raise your monthly payment.
This is a process that township assessor's and the Chief County Assessment Office have no control over. Questions on escrow requirements should be directed to the mortgage company. |
Are you turning 65?
There are two property tax benefits afforded to seniors that are 65 years of age or older:
The Senior Homestead Exemption lowers the equalized assessed value of your property by $4,000 and may be claimed in addition to the Homestead Limited Exemption.
To qualify you must:
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Senior Citizens Assessment Freeze Base Year Frozen Values
Due to the very different economic times we are witnessing, there are instances where your assessment valuation may have fallen below the frozen assessed value used for calculating the Senior Freeze Homestead Exemption. This can result in the exemption not providing any taxpayer benefit in the current year. If the assessment drops below the frozen base year valuation, the assessment will be adjusted to reflect the lower valuation. Yet, if we see values continue to fall, there could be multiple years where no benefit is gained by qualifying for this homestead exemption. Once values rise again, this exemption will once again come into play in the calculation of your tax bill with a lower frozen base assessment valuation. |
What if I disagree with my assessment?
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Recent Sale Transactions
If I have recently purchased my home and my assessment valuation reflects a market value higher than my purchase price, what can I do?
Generally, this is the most straight forward type of assessment related circumstance. We would suggest that you take information on your purchase and discuss your assessment valuation with your township assessor's office. Assessors can recommend a change in your assessment valuation to the Board of Review and in cases involving recent sales; the assessed valuation is after adjusted in some way.
If you find that your township assessor's office is unable to make a recommendation to the Board of Review, you may need to file an assessment appeal. In the instance where you would have to file an appeal, you will want to provide a copy of the HUD-1 closing document, the PTAX-203 Illinois Transfer Declaration, or any other proof that the sale was advertised and was an arms-length transaction.Often, the Board of Review resolves these types of assessment appeals without a formal hearing. |
What happens in a Board of Review hearing?
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Looking for help in evaluating your 2010 assessment value?
When you receive your assessment notice in the August through October timeframe, there are three primary resources to turn to for background information. The first source for information on your assessment valuation is your local township assessor's office. They determine the base assessment valuation for your property and can provide the best insight.
The second source for property assessment information is the County's website, www.lakecountyil.gov/assessor which displays basic property characteristic and assessment valuation information compiled from the local assessor's records. This website also provides search and comparison tools that can help a taxpayer evaluate their property assessment valuation.
Finally, If you would like an additional outlet for one-on-one assistance evaluating your assessment valuation, the Chief County Assessment Office will once again be conducting tax assessment help centers this fall at three locations across the County. Watch your local newspapers and the County website for the schedule. |
What other types of property tax relief exist?
General Homestead exemption provides up to a $6,000 reduction of the taxable assessed valuation of an individual's primary residence if they are responsible for paying the real estate taxes.
Homestead Improvement exemption provides up to a $25,000 reduction of the taxable assessed valuation for four years if a physical change made to the primary residence results in an increase of the assessed value.
Disabled Persons' exemption provides a reduction of $2,000 from the taxable assessed valuation for a disabled person's home if the disability meets certain criteria.
Returning Veterans' exemption provides a one-time reduction of $5,000 from the taxable assessed valuation of the veteran's primary residence the year the veteran returns from an armed conflict.
Disabled Veterans' (Specially Adapted Housing) provides a reduction of up to $70,000 from the taxable assessed valuation of the veteran's home if the Federal government has approved payment for construction or modification of the home to meet the physical needs of the veteran's service-related disability.
Disabled Veterans' exemption provides a reduction of $2,500 or $5,000 from the taxable assessed valuation for a disabled veteran's primary residence if the disability meets certain criteria.
For Senior Exemption information please see the Are you turning 65? section above.
For the eligibility requirements for the homestead exemptions listed above you can contact your local township assessor's office, the Chief County Assessment Office or refer to the county's website at www.lakecountyil.gov/assessor. |
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