Assessment Notices Mailed to Evanston Taxpayers
Monday, July 13, 2009
Cook County Assessor Jim Houlihan said residential property owners in Evanston Township
were mailed notices on July 10 reflecting a reduction in the assessed
values of their properties. The impact of these reductions will be seen
in second-installment tax bills payable in the fall of 2010.
situation we are facing in the real estate market is extraordinary, and
the downturn has had an impact on home values," Mr. Houlihan explained.
"After analysis of market sales and foreclosure data, we determined
that Evanston Township
homeowners should not have to wait until their properties are
reassessed next in 2010 for the downturn to be reflected in their
Normally, properties are reassessed every three years. The north suburbs are not scheduled to be reassessed again until 2010.
to this first-ever downward market adjustment, residential properties
in each suburban township will receive adjustments of their assessed
values. A 4% decrease will be applied to the assessed values of all
residential properties located in Evanston Township, said the Assessor's office. Reductions in other townships will range from four to 15 percent said the Assessor's office.
The deadline to file appeals for properties located in Evanston Township is August 10, 2009.
These market reductions come as the Assessor's Office is implementing the 10/25 Ordinance, a measure passed by the County Board
last year which was designed to simplify assessment levels. Homes will
now be assessed at 10% of market value. Commercial and industrial
properties will be assessed at 25% of market value. All Cook County property owners will receive notices telling them of the changes in assessment levels this year.
changes in assessment levels will neither increase nor decrease
assessments, said the Assessor's Office. They will simply give
taxpayers the ability to review their assessments and determine if they
accurately reflect the market value of their properties.
"If Evanston Township
taxpayers want to appeal their proposed assessments, we encourage them
to do so online," Mr. Houlihan said. "Our newly redesigned Web site is
easy to navigate, contains a wealth of information, and makes it easier
than ever to appeal a proposed assessment."
though the assessed value of residential properties is being reduced by
four percent does not mean property taxes will be reduced by that
percent. The total amount of property taxes due by all Evanston
property owners is determined by the amounts levied by the city,
the school districts and the other taxing bodies. A property owner's
share of the total taxes is determined by the assessed value of the
owner's property in relation to the total assessed value of