Staff/Contact Info Advertise Classified Ads Submission Guidelines

 

MY SUN DAY NEWS

Proudly Serving the Community of
Sun City in Huntley
 

SunCPAC Q&As: December 15, 2011

By My Sunday News

Q: Will my assessment increase because I recently purchased my home??

A: Typically, your assessment will not increase simply based on a recent sale. The general rule is that assessments generated for taxation purposes are based on the average of the last three years of the fair market value of the home. But, in a market with falling prices, many have been appealing based on the most recent sale price, which is lower than the last three-year average. So, your assessment may prove lower than previous year’s due to the soft market.

Q: Why does my neighbor pay different taxes when we have the same model home?

A: There are several possible reason:

There are different exemptions available, and they don’t all apply to all taxpayers.

Some taxpayers are subject to special assessments, such as a drainage assessment.

Newly constructed homes are assessed based on completion date, so a home completed in the middle of the year may have a pro-rated basis for that initial year.

Even the same model of home can vary due to location and amenities, including upgrades and other options taken by some and not by others.

Keep an eye open for more Q & A’s about property assessments and information in future editions of the Sun Day. And look at www.suncpac.org for your Model Report.





Leave a Reply

Your email address will not be published. Required fields are marked *

*