Wayne Township Assessor's Office

150 Years

2010 Assessment Information

2010 Assessments
My staff and I completed the 2010 assessments on September 28th, 2010. The publication of the Equalization Notice and assessment list will be in the Examiner newpapers on October 6, 2010. The appeal deadline is November 5, 2010. If you are considering filing an assessment appeal, please contact my office first. Appeal forms may be found at the website of the DuPage County Supervisor of Assessments.

All properties in Wayne Township received an equalization factor reducing the 2010 assessments. This equalization factor was .9359, meaning assessments were reduced by approximately 6.4%. I recognize that many homeowners have perceived a sharper decline in market values than this 6.4% reduction; however, we are required by state statute to use a three-year sales pool in determining the assessments each year. The 2010 equalization factor was calculated based on sales that occurred between 2007 and 2009.

The use of three years of sales results in a slower reaction to changes in market values, both when sale prices are increasing or decreasing. However, if assessments were reduced more significantly, tax rates would automatically increase by the same rate, ensuring that taxing districts would be able to collect the same tax dollars from property-owners. The assessor cannot control overall tax dollars received by the various taxing districts. Spending by these districts must be curtailed in order for taxes to be reduced.

Many homeowners have contacted my office, concerned that recent appraisals have yielded lower market values than indicated by their assessed values; however, these appraisals often include as comparables sales of foreclosed homes, and/or sales that occurred after January 1, 2010. According to state law, we could not use foreclosure sales or 2010 sales in determining the 2010 assessed values. Again, we are also required to look at a three-year sales window, while appraisers and realtors are considering a much narrower time-frame, which often results in a much different opinion of value.

Because tax rates increase when assessments decrease, and vice versa, assessment uniformity must also be considered. If all assessments were too high relative to market value, but assessments were uniform, tax rates would be lower. If assessments were uniformly lower than market values, tax rates would be higher. In either of these cases, tax bills would remain the same.