Leyden Township property values fall
Al Biancalana. He is Leyden Township assessor
Updated: March 29, 2012 4:06PM
As we pay the first installment of the 2011 tax bill, many of us wonder why our bill was higher.
The Illinois Legislature passed a law ordering that the first installment tax bill be calculated at 55 percent of the previous year’s total tax obligation. The tax bill, which was due March 1, is 55 percent of the 2010 total tax bill.
Because of the complexity of the property-tax system in Cook County, there are several reasons our property-tax bills increase. One of the reasons is that when the total equalized assessed value goes down, the tax rate must go up to ensure that the full amount of revenue levied by local taxing bodies is collected. Therefore, it increases each taxpayer’s tax obligation.
Another huge factor in the increases we saw last year was the phasing out of the “7 percent homeowners exemption.”
In 2005, this policy created a variable homeowner exemption that limited tax increases for homeowners resulting from a reassessment, during a time when our assessed values had large increases. Since 2009, we have experienced decreases in our assessed values, causing the homeowners exemption amount to be much smaller.
For 2011, the minimum exemption amount remains at $6,000 in equalized assessed valuation, with a maximum of $16,000 in EAV. The Long-Time Homeowner’s Exemption will return however. With the decrease in EAV, many properties no longer qualify for this exemption. Illinois legislators will be redesigning the exemption for 2012.
Senior Renewal applications are mailed out to all seniors that received a senior and/or a senior freeze exemption on their 2010 tax bill by the end of February. If you receive an application, you must complete at least some part of it. Seniors born in 1946 can apply for the first time starting in late March. All other exemption renewal applications will be mailed out in April.
The appeal process for 2011 has expired. If you received a reduction in assessed value, it will be reflected in your 2011 second installment tax bill. To appeal your 2012 assessment, the Cook County Assessor’s Office has a tentative date for Leyden of July 16. However, that date can change. Check the Cook County assessor’s website to verify dates or check with our office around June 1 to see if dates have changed.
Our office is here to assist you in completing the appeal application and finding comparable properties. Homeowners needing assistance can visit our office at Leyden Township, 2501 N. Mannheim Road, Franklin Park, or call us at (847) 455-8616.