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How does my assessment relate to market value?
By law the State of Illinois mandates that the Level of Assessment be 33.3333%. Therefore multiplying your equalized assessed value by 3 will yield the market value.
What should I do if I don’t agree with my assessment?
First you should call the Virgil Township Assessor’s Office. There may be a mistake or perhaps the assessment can be explained. If a reasonable solution can not be reached you have thirty days from the date of publication to file a complaint with the Kane County Board of Review. Forms are available both online and at the Kane County Supervisor of Assessments Office.
If my assessment goes up does that mean that my tax bill will go up?
The correct answer is not necessarily. The assessment is only one factor in the tax bill. The tax rate also changes each year.
If I construct a new addition or expand my garage will my taxes go up?
Probably yes but not immediately. The Home Improvement Exemption allows up to $25,000 of assessed value to be exempted for 4 years.
Am I getting all my exemptions?
When you receive your tax bill the exemptions you receive are clearly marked. If you feel you are missing any immediately call the Township Assessor’s Office, 815-827-3383. A missing exemption is a correctable error and we can help you.
Do current sale prices of farmland affect my farmland assessment?
The answer is no. Farmland values are set by the Illinois Department of Revenue. A formula that takes into account the most recent five years of production and commodity prices is used to determine the income of a typical acre of farmland. This income is then capitalized to determine the value of that acre. Since all acres are not identical the underlying soil types are then used to refine the assessment. Therefore crop yields and crop prices move farmland assessments. This movement due to the volatility of crop yields and prices is limited to 10% per year.
If I recently purchased my property will the assessed evaluation be 33.33% of the sale price?
The answer is probably not. Assessed values are computed using a 3-year average of sales ratio figures as they relate to the type of property and neighborhood. Individual sales will influence the averages but are not the whole story. This system allows all properties to move up or down together not just those with recent sales. Assessing properties by using only the most recent sale is called sales chasing, which is illegal by state law. This did not occur when the market was going up and will not occur when it is going down.