DuPage County property taxes are due on September 1st. With the median property tax in DuPage County at $5,417 per year and the median home value of $316,900, the property tax has been 1.71% of a property’s assessed fair market value. If you think your assessment is too high, you need to act now so that your tax bill next June will reflect the correct assessment. The deadline for Addison Township is Monday, October 26th. The deadline for York Township will be at the end of November.
The DuPage County Tax assessor determines the taxable value of each property annually, based on features of the property and the market price of other properties sold in the neighborhood. Your assessor’s office can give you a copy of your property’s most recent assessment, as well as, other homes in your area.
The city of Elmhurst straddles two townships, York Township and Addison Township. Property located north of North Avenue are in Addison Township and homes south are in York Township. If you have a question about your assessment, contact the assessor’s office for your township.
The Assessor’s office is required to value all property at 1/3 of fair market value as of January 1st each year. The County and State monitor the Townships values using a 3 year study ensuring that in times of rapid real estate growth or decline, assessments stay stable. For instance, 2014 assessments were determined using 2011, 2012 and 2013 sales. Taxes increase or decrease based on the financial needs of the taxing bodies such as schools, cities and villages, libraries, park districts and other taxing bodies. If property assessments decrease, the rates of the various taxing districts increase so that the tax dollars remain the same in order to collect enough money to cover all of the taxing bodies’ expenses.
Some reports claim that up to 25% of homes in the United States are over-assessed. You can check your assessment here and get the form you need to appeal here, but you need to act quickly. The deadline for both York and Addison Township this year is sometime in the middle of September.
1) The assessed value of your property is higher than the property’s actual market value as determined by a recent sale or appraisal.
2) The assessment of your property is based on inaccurate information such as incorrect dimensions.
3) The assessment is higher than those of similar surrounding properties.
If you don’t agree with your assessment, the best place to start is by calling your assessor’s office. Discuss why you think there is a problem with the assessment and explain your position. Most problems can be resolved with the assessor, but if you are still not satisfied, file a complaint with the County Board of Review.
A Real Estate agent with experience and knowledge of your neighborhood would be a powerful ally in your discussions with the assessor. Any LW Reedy Real Estate agent would be happy to help determine the market value of your property by locating comparable properties to support your case. With just a little extra help, you could be well on your way to lowering your property taxes next year.