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Articles for ‘Tax’

Appealing DuPage County property taxes

Monday, March 9th, 2015 by Jennifer Williams

tax

Did you fall out of your chair when you received your property tax bill? Do you think your assessor is wrong? Did you know you CAN do something about it?

In Illinois, property taxes are based on the market value of your home. Assessed values are required by law to be based upon the three prior years of actual sales transactions within the jurisdiction. For example, the 2013 assessed value was based upon sales occurring during the 2010, 2011 and 2012 calendar years.

Property taxes collected are used locally to fund and support community services such as fire protection, schools, park districts and construction, among others. We all want to contribute our fair share to keep these services, but what if you think they’ve over-assessed your property value?

If you want to appeal your DuPage County property taxes, you should start with your local Township Assessor’s office. They will review your information and files and provide you their results. If you still feel you’re tax bill isn’t accurate, you can file an appeal with the DuPage County Board of Review. You will need to provide evidence to support your claim, which should include three (3) or more comparable properties, preferably from the same neighborhood.

Once your appeal has been filed, you will have a hearing with the Assessor and County Board of Review. You may be asked questions about your property, as will the assessor. Once the hearing is concluded, the board will make its decision which will be mailed to the property owner after all Board of Review action is completed for the tax year. If you still think the assessment is inaccurate, you can appeal to the Illinois Property Tax Appeal Board or the Appellate/Circuit Court.

To prepare for your appeal, you should:

  • Have a recent appraisal, recent sale of property or recent sales of comparable properties
  • Review your property characteristics at the assessor’s office before filing an appeal
  • Understand that Fair Market Value is not the highest or lowest selling price of a property but the most probable selling price
  • When comparing properties in your area, use only similar properties (i.e. same design, same size, etc.)

Are you interested in how your township compares to others? You can view DuPage County property tax rates for all the individual townships here.

 

2013 DuPage County Property Tax Rates

Monday, February 2nd, 2015 by Jennifer Williams

Last year we published an article on the property taxes in DuPage County, Illinois. In the table below which is listed in order from towns with the highest tax assessment rate to the lowest, see how your property tax rate compares to other communities in DuPage County. We’ve included tax years 2012 and 2013 and calculated the difference for your convenience. Interestingly, Villa Park is the only city in DuPage County to decrease their property tax rate, from 7.77% in 2012 to 7.69% in 2013, a resulting decrease of .08. Oak Brook continues to have the lowest property taxes in DuPage at only 3.84%, due in part to the many corporations and the Oak Brook mall.

City 2012 2013 Difference
1 Glendale Heights 11.4035 12.6354 1.2319
2 Hanover Park 10.9595 12.6972 1.7377
3 Bartlett 10.1029 11.8336 1.7307
4 West Chicago 10.0131 11.2942 1.2811
5 Bensenville 9.334 10.094 0.76
6 Carol Stream 9.3051 10.2032 0.8981
7 Aurora 9.2872 10.0029 0.7157
8 Woodridge 9.1027 9.9155 0.8127
9 Bolingbrook 9.012 9.8869 0.8749
10 Wayne 8.6775 10.1954 1.5179
11 Winfield 8.3995 9.3648 0.9653
12 Elk Grove Village 8.2982 8.9105 0.6123
13 Lombard 8.2547 8.9748 0.7201
14 Addison 8.1764 9.0604 0.884
15 Glen Ellyn 7.8773 8.4647 0.5874
16 Villa Park 7.7659 7.6855 -0.0804
17 Lisle 7.6868 8.3032 0.6164
18 Bloomingdale 7.6694 8.5344 0.865
19 Itasca 7.553 8.2639 0.7109
20 Wood Dale 7.4751 8.0992 0.624
21 Roselle 7.4261 8.158 0.7319
22 Warrenville 7.3779 7.9863 0.6084
23 Wheaton 7.358 7.8747 0.5167
24 Elmhurst 6.9301 7.588 0.6579
25 Naperville 6.7945 7.2779 0.4834
26 Darien 6.7155 7.2001 0.4846
27 Westmont 6.6881 7.2014 0.5132
28 Clarendon Hills 6.1747 6.4722 0.2975
29 Downers Grove 5.873 6.3562 0.4832
30 Oak Brook Terrace 5.8489 6.4539 0.605
31 Hinsdale 5.4654 5.7334 0.268
32 Burr Ridge 5.0382 5.3477 0.3095
33 Willowbrook 4.8933 5.1734 0.2801
34 Oak Brook 3.5871 3.8389 0.2518

For more information on how real estate property taxes are determined, visit DuPage County Tax Calculation where you can also learn how to calculate taxes as a percent of purchase price.

2012 Du Page County Property Tax Rates

Wednesday, December 11th, 2013 by Sari Levy

A few years back, I wrote an article on calculating property taxes in the various communities of Du Page county.  Thanks to the Du Page county clerk, the updated table below reflects property tax rates for Du Page county communities in 2012.  The towns are listed in order from those with the highest to lowest tax rate.  Oak Brook continues to have the lowest property tax rates (and some of the highest home values) in Du Page county.

It is certainly easier to think about property taxes in terms of % of purchase price.  Most townships will review an appeal of taxes with a recent purchase.  However, the appeal typically lasts only a year until the assessor determines the value according to their method.  Take a look at my previous post for the property tax formula in Du Page county.

1. Glendale Heights 11.4035
2. Hanover Park 10.9595
3. Bartlett 10.1029
4. West Chicago 10.0131
5. Bensenville 9.3340
6. Carol Stream 9.3051
7. Aurora 9.2872
8. Woodridge 9.1027
9. Bolingbrook 9.0120
10. Wayne 8.6775
11. Winfield 8.3995
12. Elk Grove Village 8.2982
13. Lombard 8.2547
14. Addison 8.1764
15. Glen Ellyn 7.8773
16. Villa Park 7.7659
17. Lisle 7.6868
18. Bloomingdale 7.6694
19. Itasca 7.5530
20. Wood Dale 7.4751
21. Roselle 7.4261
22. Warrenville 7.3779
23. Wheaton 7.3580
24. Elmhurst 6.9301
25. Naperville 6.7945
26. Darien 6.7155
27. Westmont 6.6881
28. Clarendon Hills 6.1747
29. Downers Grove 5.8730
30. Oak Brook Terrace 5.8489
31. Hinsdale 5.4654
32. Burr Ridge 5.0382
33. Willowbrook 4.8933
34. Oak Brook 3.5871

Du Page County Property Tax Rates

Thursday, November 3rd, 2011 by Sari Levy

When you are purchasing a home, it is important to understand the economics of the home and property taxes are a huge factor in the equation.  So, just how do you figure out what your taxes will be?

It is not a good idea to simply look at what the current owner is paying because there are many variables.  In Chicago, we typically tell our clients to expect a tax bill at about 1.5% of the purchase price.  In Du Page County, the range is from about 1% in Oak Brook all the way up to nearly 3% in Glendale Heights. Oak Brook is home to many large corporations and of course Oak Brook mall which helps keep property taxes low.

So, how did we come up with the 1-3% range?  Below is the formula used in Du Page County to calculate property tax.

Du Page County Tax Calculation

  1. A home’s fair market value:  $500,000 – Fair Market Value is defined as the amount a buyer would be willing to pay for the property.
  2. Tax assessor’s adjustment:  $500,000 x 33% = Equalized Asessed Value – In Du Page county, the assessor uses of 1/3 of a homes fair market value in determining DuPage County property taxes.
  3. Equalized assessed value: $165,000  –  This is the adjusted fair market value of your property used for property tax calculation purposes.
  4. Property tax rate: 5% **Rates vary by city as indicated in the table below – 5% used as a simplification for example.
  5. Property tax calculation:  $165,000 x .05  –  Equalized assessed value multiplied by a property tax rate of 5%
  6. Total property tax :  $8,250

Du Page County Real Estate Property Tax Tablebuy button

Rank City Rate As % of purchase price
16 Addison 6.3238 2.11
4 Aurora 7.9642 2.65
7 Bartlett 7.6127 2.54
9 Bensenville 7.2293 2.41
18 Bloomingdale 6.1882 2.06
8 Bolingbrook 7.4761 2.49
32 Burr Ridge 4.1498 1.38
5 Carol Stream 7.7741 2.59
29 Clarendon Hills 4.9827 1.66
26 Darien 5.5233 1.84
28 Downers Grove 5.0111 1.67
10 Elk Grove Village 7.0656 2.36
27 Elmhurst 5.4604 1.82
15 Glen Ellyn 6.4316 2.14
1 Glendale Heights 8.7689 2.92
2 Hanover Park 8.1067 2.70
31 Hinsdale 4.4090 1.47
22 Itasca 5.9902 2.00
13 Lisle 6.5662 2.19
12 Lombard 6.6908 2.23
24 Naperville 5.8959 1.97
34 Oak Brook 2.9139 0.97
30 Oak Brook Terrace 4.6839 1.56
21 Roselle 5.4484 1.82
20 Villa Park 6.1923 2.06
19 Warrenville 6.1354 2.05
14 Wayne 6.5144 2.17
3 West Chicago 8.0839 2.69
25 Westmont 5.5351 1.85
17 Wheaton 6.1888 2.06
33 Willowbrook 4.0133 1.34
10 Winfield 6.8270 2.28
23 Wood Dale 5.9244 1.97
6 Woodridge 7.6455 2.55

In communities where there are more than one township, the higher of the tax rates is shown in the table above.

If you are looking for the 2013 DuPage Property Tax Rate, click here for the most current property tax rates in DuPage County.

Will Short Sales Become Short?

Saturday, February 6th, 2010 by Sari Levy

Seriously though, the government has again ramped up their efforts to help the millions of Americans who are upside down in their mortgage and need to sell for reasons of financial hardship.  Yet another acronym lurks…HAFA which stands for Home Affordable Foreclosure Alternatives Program goes into effect April 5, 2010.  HAFA is designed to simplify and streamline the short sale process/transaction.   While there are 43 pages of guidelines to review, below are some of  the changes that are key to helping streamline the current process of completing a short sale.

  • The banks will now tell the borrower (or borrower’s real estate agent) the net figure required to complete the sale prior to the borrower listing the home.  This is huge, since in the past in most cases borrowers had no idea what amount the bank would accept and the home sat on the market because it was overpriced or the bank took more than a month to respond.
  • The new laws requires banks to fully release borrowers from future liability for the first mortgage debt.  No cash contribution, promissory note, or deficiency judgment is allowed.
  • New forms were created to standardize the process.  With the new forms comes standardization of responses times for each step in the process.
  • HUD now provides financial incentives to get the short sale completed –  $1,500 for borrower  as “relocation assistance”, $1,000 for servicers to cover administrative and processing costs, and up to $1,000 for investors.

Oh, and a nice bonus included in this program is that banks can’t ask the real estate brokers to cut their commission anymore.  That is if the broker is charging 6% or less on the listing agreement.   And ya know, 3% is fair compensation to an agent having to guide a buyer or a seller through the short sale process.

Officially, the program does not take effect until April 5, 2010.  However, banks can start offering this earlier if they meet requirements.  In fact, I’m certain that they are already using the new process because we have more than one client in this situation.  You can learn more about the government programs at MakingHomeAffordable.gov.



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