York Township recently completed its 2015 real estate tax assessment and homeowners should have already received the results through mail. Many residents will see a significant increase in their property taxes, which although bad news, means that the market is getting stronger.
Every year the assessor’s office estimates the market value of more than 46,000 parcels of property with York Township. Each property is then assessed at one-third of market value. Prices are based on sales that have occurred in the previous three years, meaning that the assessments will always lag behind the marketplace. When property values and sales are decreasing, it takes a few years for those changes to be reflected in assessments. Similarly, when values and sales are rising (as we’ve been seeing for the past few years,) the positive growth takes a few years to catch up to assessments, which is why the increase often takes homeowners by surprise.
The good news is that the economy appears to be stabilizing and real estate values are continuing to rise after the market downturn.
If you wish to appeal your assessments, you have until November 30, 2015 to do so. For more information, visitwww.yorkassessor.com/York and www.dupageco.org/SOA/1486
Thinking of contesting your assessed value? We can provide comparables to help you review the market. We’re here for all your real estate questions about buying and selling. Call us at (630) 441-5570 or visit us at www.gmregroup.com.