From the Assessor

From the Fall, 2008, Wayne Township Newsletter


Michael E. Musson, C.I.A.O.
(630) 231-8900 Fax: (630) 231-9534
e-mail: assistance@waynetownshipassessor.com
Website: www.waynetownshipassessor.com

2008 Assessments
My staff and I have completed the 2008 assessments. The 2008 Equalization Notice was published in the Examiner newspapers on September 10, 2008. The deadline to appeal a 2008 assessment was October 10, 2008. Appeal hearings have been scheduled and will be heard by the Board of Review during November.

As we approach the end of 2008, the real estate market has not improved. As I have mentioned in previous newsletters, the assessment process in Illinois requires the use of the three prior years of sales to determine the current year’s assessment. The assessment process is designed so that sudden changes in the real estate market—increases or decreases—will not result in sudden, large changes in assessed value. The 2008 assessments were based on sales that occurred between 2005 and 2007. Please remember that during 2005 and 2006, prices were still increasing, and sale prices began to flatten out in 2007, but did not begin to truly decline until 2008. By law, we could not consider sales that occurred after January 1, 2008, in determining the 2008 assessments.
If the market downturn continues through 2009 and beyond, assessments will most likely begin to decline. However, as I have stated many times, if all assessments go down, but taxing districts such as school districts, villages and library districts continue to request additional funds, as most do each year, property taxes will continue to increase.
My staff and I are available at any time of the year to review the information contained in your property record, and to verify that you are receiving all of the exemptions to which you are entitled.

Senior Freeze Exemption Deadline
The deadline to apply for the Senior Citizens assessment Freeze Homestead Exemption was October 1, 2008, however, applications are still being accepted by the Supervisor of Assessments’ Office. To qualify for the exemption, you or your spouse must be 65 or older during 2008, and have had a total household income for 2007 of $55,000 or less. The applicant must also have owned and occupied the property on January 1, 2007 and January 1, 2008. Applications are available in my office. Please bring copies of your 2007 tax return documents if you need assistance completing your application.