2019 Assessment revaluation notices coming soon
All property owners should be getting their 2019 reassessment notices in the mail within the next several days. The last time the Village did an assessment revaluation was in 2017; so this notice will reflect the updated change in assessed value over the past two years.
The goal of a reassessment is to try to ensure that each property owner is assessed as close as possible to the market value of the property. This is why most residential reassessments are based on the actual recent property sales within the community. Reassessments will also take into consideration any qualifying home improvements that may have been made from the previous year, such as major renovations or additions. In most cases property maintenance or repairs do not impact a property’s assessed value as it is presumed that all houses are generally kept in a state of good repair.
Current estimates show that the average expected change in assessed value from 2017 to 2019 will be about 7.6% village wide. The average residential value is expected to increase by just over 7%. Commercial values, which include apartment buildings, are expected to increase by about 10%. The strong market valuations of apartment buildings were a significant factor in the increase of commercial properties.
How does this impact your property taxes?
Previous trends show that property taxes generally increase by 2%-3% per year with inflation and other budgetary factors. So if this is what would typically be expected, the assessment revaluation will not change that impact on your tax bill if your assessment increased by the same amount as the average percentage of the community, as your property will still represent the same portion of the overall village property that you did in the previous year.
However, if the property assessment revaluation changed the assessed value of a property by more or less than the average percentage, then that difference can be expected to have a similar impact on the expected baseline property tax bill moving forward.
Please make sure to look at the review process on the assessment notice if you feel that the new assessed values do not properly reflect the market value of your property. The Village anticipates Open Book at Village Hall to be July 10 and 11.