As your trusted real estate advisor, I wanted to provide you with information on the DuPage County 2023 General Tax Assessment.
Below I will discuss how to check your 2023 tax assessment, calculate property tax, information needed to lower/appeal your taxes, who to contact to appeal your taxes and what this means for you and your wallet.
As always, if you have questions or would like me to review your information or to check if you can benefit from a tax appeal therefore lowering your property tax, don't hesitate to reach out. I'm always excited and happy to be of service.
WHAT IS A GENERAL TAX ASSESSMENT?
A review and reassessment of all properties every four years by the Assessor. Individual assessment notices are mailed to each property owner, along with a publication of all assessments in the newspaper. Quadrennial assessed value notices are used for the 2023 tax bill, which is payable in 2024.
In layman's terms, your property taxes are likely going to increase.
However, your township can overestimate the value of your home and you have the option to appeal their valuation.
HOW TO CALCULATE PROPERTY TAXES?
Before we appeal our property tax it's important to understand how they are calculated. The basis for all assessments and reassessments is Market Value. All properties in Illinois (except Cook County) are assessed at 33.33%, or one-third of Market Value. This is known as the level of assessment. For example, if a home's market value is $330,000, the Assessed Valuation would be approximately $110,000 ($330,000 x 33.33%). The Assessed Value is then multiplied by the city/town Tax Rate. In this scenario we will use the Tax Code Rate of Westmont, which is 6.6830%, therefore our $330,000 home in Westmont is assessed at $110,000 ($330,000 x 33.33%) and pays $7,351 in property tax ($110,000 x 6.6830%). A list of your city or town's tax rate is listed here.
You can look up your current Assessed Value and 2022 taxes via the dupagecounty.gov property search or here. We can use the assessed value to determine the Market Value at which we are being taxed.
Townships are required to submit their 2023 assessed valuations to DuPage County by November 15th and publish their valuations. Contact your township to verify their publication source. A list of townships and their contact info is listed here.
HOW DO I APPEAL MY TAXES?
To appeal your taxes you must contact your township and tell them you would like to appeal your taxes. All DuPage townships and contact information is listed here. Once you reach your township assessor website there will be a link with tax appeal instructions. You can also try emailing your assessor's office to request an appeal.
WHAT INFORMATION WILL I NEED TO APPEAL MY TAXES?
Once you request and appeal you will have to provide recent sales that are comparable to your home to determine Market Value. I can provide you a list of homes recently sold in your area to provide to the assessor's office. We will need to confirm that the market value of your home will be less than your taxed market value using the formula above.
Alternatively, we can use the following methods to assess your home's market value to reduce taxes.
Recent purchase contracts, listings, and closing statements of your property
Sales of similar homes in your neighborhood
Assessments and taxes of similar homes in the area
Recent appraisal of your property
Most townships will allow you to send them this information via email.
**IT'S IMPORTANT CHECK YOUR CURRENT ASSESSED VALUE AND MARKET VALUE TO DETERMINE IF AN APPEAL IS RIGHT FOR YOU**
I hope this information was helpful! Please let me know if I can be of service to appeal or help determine if we should appeal your taxes. I can also provide you with the lowest recent sales in your neighborhood.
Thank you again for your business and referrals. You have no idea how much it means to me!
John Salidas | The Salidas Group
Broker | Real Estate Advisor | Team Lead
Top Producer
M: +1 630 825 9722