| It's Tax Reassessment Time |
 |
 |
 |
| Sunday, 05 July 2009 11:55 |
Residents getting new assessment letters nowThis past week, Mount Pleasant homeowners started receiving letters from the tax assessor telling them their new assessed property values. Along with the mailings, the village announced that the annual open book period will begin July 14, and that the Board of Review will convene August 10 to begin hearing assessment appeals. This year, the village is revaluing every property in the village. The village's practice is to do a 100% revaluation every three years. The last full revaluation was in 2006. Generally, the values determined in the revaluation year stay in effect for the following three tax bills. With this current revaluation, homeowners are noticing that their tax assessments are generally lower than last year's. The reduced assessment reflects that fact that home prices have fallen - tax assessments are based on market value, and their properties are simply not worth as much as they used to be. Think that the reduced value might lower your tax bill? Not Likely. Your assessed value determines what share of the village total tax levy you will pay, not the absolute amount. If your assessment goes down but everyone else's goes down the same percentage, your taxes will be the same. If the village increases spending, your taxes will go up even though the value of your property went down. If your revised assessment seems questionable, the open book period gives you the chance to sort out discrepancies with the tax assessor. The "Open book" is the big book at village hall that lists the assessed value of every property in Mount Pleasant. You can look through the book, compare your property to other properties, and decide whether you want to get more details from the assessor. If you believe your assessment is too high, or just have questions about how the value was computed, you can set up an appointment with the tax assessor by calling 554-8750, extension 214. During your appointment, the assessor can show you the information used to value your property. If there are any errors in the information used, the assessor can make corrections - and potentially lower your assessment - without you having to make an appeal. On the other hand, if you've met with the assessor and still disagree with the valuation, you can appeal the assessment to the Board of Review. The Board of Review operates like a court. They hear arguments and review evidence of errors made during the assessment process, and they have the power to reduce your assessment. When you present your appeal, the Board of Appeals will presume that the assessor's valuation is correct unless you prove otherwise. So, you will need evidence that the assessor's conclusions about your property value were wrong. The best evidence of value is a recent sale price of the property or the sales prices of comparable properties. So, be prepared to get an independent appraisal done on your property to back up your case. To get your appeal started, you need to file your objection with the village clerk no later than 5pm Friday August 7. Objections need to be on a State-approved form, which you can also obtain from the village clerk's office. If you decide to fight your tax assessment, you won't be alone. According to a New York Times article, "Homeowners across the country are challenging their property tax bills in droves as the value of their homes drop, threatening local governments with another big drain on their budgets." Click here for the full article. Can't get your assessment lowered? Well, at least state law gives you the right to complain. State Statute 70.47 (6)(r) reads: "Any person may provide to the municipal clerk written comments about valuations, assessment practices and the performance of an assessor. The clerk shall provide all of those comments to the appropriate municipal officer." Mount Pleasant's Tax Assessor is Ed Potter. The members of Mount Pleasant's Board of Review are: John Suprak |
