The reassessment program that is currently underway is a five year program. All real property in the Village will be inspected and cataloged for the 2020 tax year. The new assessments will be in effect for the 2020 tax year but payment, like all other years, will begin August 1, 2020.
Each year, assessments will reflect current year's real estate market's estimate. Although the new valuation will be up, the tax rate will come down accordingly.
The purpose is two-fold:
- Keep assessments current, thereby receiving 100% ratio from the state, alleviating potential refunds on tax appeals.
- Stabilizing the tax rate so the Village doesn't have huge increases year to year
Lastly, after new values are established, the company (Associate Appraisal Group) will notify you of hearings to be held sometime in February or March, to go over the new assessments. Any valuation questions should be addressed there. If you still feel that your property is overvalued, you have the right to file an appeal by May 1, 2020 at the County Tax Board.
ALSO - DON'T BE CONFUSED BY SOME ADDED ASSESSMENTS
Every year, when homeowners make significant improvements onto their homes and properties, these improvements may increase the value of the property. In these cases, an added tax is added onto the tax bill - sometimes for the current year; and sometimes for the next year. These added assessment bills are usually sent out in the autumn; and this year we sent out about 40 added assessment bills. Some people are interpreting these added assessments to be caused by the above-mentioned REASSESSMENT PROGRAM. They are not. They are related to improvements made to your home or property over the last year or so.
I hope this is helpful. If you have any questions, please call my office for information.